Underwriting firm, Law Union & Rock Insurance Plc has received approval for its 2019 audited financial statement, recording a total assets of N12.15 billion as against N11.21 billion in 2018, indicating an 8.39 percent increase, while shareholders fund also appreciated from N6.37 billion in 2018 to N7.16 billion in 2019.
The Company at the end of December 31, 2019 recorded a gross written premium of N4.83 billion, as against N4.54 billion in 2018, showing a 6.39 percent increase.
Its profit after tax during the same period was 802.8 million, a percent increase from N263.59 million in the review year indicating a 205 percent, which may have resulted from quality underwriting and investment income recorded in the period under review.
Law Union and Rock saw underwriting profit growing to N982.9 million, as against N638.16 million in 2018 financial year, indicating a 54 percent rise. While during the same period, the company paid out claims amounting to N1.2 8 billion to its numerous clients who suffered one form of loss or the other.
Mayowa Adeduro, managing director/CEO of the Company who was excited at early approval of the company’s accounts by the National Insurance Commission (NAICOM), said it’s a sign of hard work, assuring the firm will continue to comply with regulatory requirements while offering its customers quality service as always.
NAICOM in the approval letter to Law Union & Rock Insurance Plc on its audited financial statements for the year ended December 31, 2019, and addressed to the managing director/CEO with the title ““Approval for Publication of Year 2019 Audited Financial Statements.” dated March 27, 2020.
The letter signed by Barineka Thompson, director, Inspectorate, on behalf of the Acting Commissioner for Insurance, Sunday Thomas read reads: “I am pleased to inform you that the Commission has no objection to the publication of your audited financial statement for the year ended December 31, 2019 as submitted.
