Law Union grows profit before tax to N333.7m in Q1

Law Union and Rock Insurance plc has released its first quarter 2015 unaudited financial statement, showing a profit before tax of N333.7 million as of the end of March 2015 from N227.8 million in 2014. This is as profit after tax rose to N283.6 million compared with N193.6 million within the same period in 2014.

There was a decline in underwriting profit to N434.25 million from N467.31 million in the corresponding period in 2014, as a result of decline in the gross premium written from N1.76 billion to N1.31 billion.

Investment income rose to N97.6 million from N76.7 million in 2014, while the total assets of the company also went up to N8.2 billion from N7.7 billion in 2014.

Jide Orimolade, managing director of the company, assured that Law Union and Rock Insurance would continue to be innovative and introduce measures to increase profit, even in very challenging market conditions. He said the underwriting firm would continue to create wealth for the shareholders and increase its efforts at ensuring high quality customer service, and assured that prompt claims payment would be a priority to the firm, as it would continue to meet and exceed the expectations of its stakeholders.

Orimolade said the company’s ability to surmount challenges in the competitive insurance market, mitigate risks as well as take advantage of profitable opportunities will continue to strengthen and position it as one of the leading underwriters in the country.

He said Law Union will continue to strengthen its strategic alliances with insurance intermediaries and clients to increase its market share in the sector.

Law Union and Rock Insurance has been in continuous operations since 1951, and offers a wide range of general insurance products.