Harvest of Awards:

L-R: Mr. Olayiwola Olabisi, Chief Financial Officer; Mrs. Eyoanwan, Head, Human Capital Management; Mr. Olasupo Sogelola; Executive Director, Technical & Operations; Mr. Jide Orimolade, MD/CEO; Mrs. Olufolake Afolabi, Chief Technical Officer; Mr. Steve Ajudua; Chief Marketing Officer Law Union & Rock Insurance Plc.

Law Union & Rock Insurance Plc has announced gross premium written of N3.5 billion as at September 30, 2017 just as it has paid out over N1.25 billion as claims to deserving clients in the same period.

Mr. Jide Orimolade, Managing Director and Chief Executive of Law Union & Rock Insurance said part of its corporate objective is to create niche for ‘ourselves in the industry. We are not unmindful of the competition which is characterised with price war in the industry, but we believe we could navigate through by differentiation and best service delivery.’

LAW UNION AND ROCK INSURANCE PLC Q3, 2017 PERFORMANCE

Total Assets  Shareholders Fund   Gross Premium Written
 2017 (N’000)  2016 (N’000)  2017 (N’000)  2016 (N’000)  2017 (N’000)  2016 (N’000)
  10,355,252.00   9,228,889.00   6,215,604.52   5,027,265.99   3,531,126.93   3,197,325.04
12% 24% 10%

 

Net Claim Expenses  Underwriting Result  Management Expenses
 2017 (N’000)  2016 (N’000)  2017 (N’000)  2016 (N’000)  2017 (N’000)  2016 (N’000)
  611,058.41   611,235.01       713,510.34     970,484.60   801,807.27   782,483.41
-0.03% -26% 0.02

 

Investment Income   Profit Before Tax  Retained Earning
 2017 (N’000)  2016 (N’000)  2017 (N’000)  2016 (N’000)  2017 (N’000)  2016 (N’000)
  611,862.29   369,402.91   727,869.34   610,412.98   470,563.15 -53,091.17
66%                      19% 786%

Orimolade said the result indicates that the company is on a growth and better path, ‘although we have not reach our goal, but continuous improved result show we are going to get there. We will not relent in this course of getting to that pinnacle. We encourage the media to join us, especially in creating awareness and also marketing insurance. And when you do that you should be fair to keep propagating the company with good service delivery like Law Union where the customers can get best service.’