Law Union and Rock records N4.16bn premium

Underwriting firm, Law Union and Rock Insurance plc has posted a gross premium of N4.16 billion for the year ended December 31, 2014. This performance shows an increase from N.44 billion in 2013. This is contained in the company’s publication of the abridged financial statements as approved by the National Insurance Commission (NAICOM).

The financial statements showed an increase in the company’s total assets from N6.9 billion in 2013 to N7.29 billion in 2014. The company also recorded an underwriting profit of N1.03 billion for the year.

Other highlights of the approved 2014 account showed that the underwriting firm made a profit-before-tax of N259.8 million while the profit-after-tax stood at N125.4 million

Law Union and Rock is one of the few insurance companies that have obtained an early approval of their 2014 accounts by NAICOM, and has continued to maintain a steady growth and making significant improvements in various aspects of its operations since a group of investors bought over the company from Skye Bank few years ago.

Jide Orimolade, managing director/CEO of the company, said the company expressed happiness for the prompt review and approval of the accounts by the regulators and promised to continue to improve on the company’s performance to create more value for our esteemed shareholders.

Orimolade reiterated the company’s commitment to continue to offer innovative insurance products and improved services to its esteemed customers, saying Law Union would soon unveil more innovation solutions to add more value to the insuring public, as the company had put in place a smooth claims process to enable prompt settlement of claims to customers.

Modestus Anaesoronye