The Shareholders’ funds of Law Union & Insurance Plc has increased from N5.03 billion in 2016 to N6.47 billion in its 2017 financial year.
Its Gross Premium Written (GPW) also witnessed a leap from N3.93 billion to N4.25 billion within the period under review.
The profit before tax (PBT) of N1.099 billion was achieved in 2017 financial year end compared to N659 million recorded in 2016 which indicates a steady improved performance of the company. Its total assets grew by 16.9 per cent to N10.031 billion from N8.58 billion posted in 2016 financial year
The company also recorded a giant feat in its general reserves with retained earnings of N704 million from accumulated loss of N24 million recorded in 2016. To this end, the company declared a cash dividend of four kobo per share for the financial year.
Speaking at her 49th Annual General Meeting (AGM) in Lagos, its chairman, Mr. Remi Babalola said, despite, the fragility of the economy in 2017, the company was able to break through all hurdles to pay dividend to its shareholders.
According to him, the company recorded good performance in 2017 with 8 per dent growth in its top line over the figure from the previous year, as a significant contribution to the profit came from the company’s investment income. Babalola said the company is stronger, better, bigger and more than ever before; with one of the highest ratings in Claim Paying Ability (CPA) in the industry.
The chairman also presented the new executive director, technical/operations, Mr Olasupo Sogelola and Mr. Kunle Aluko (non-executive director) to the shareholders, after both appointment have been approved by the National Insurance Commission (NAICOM).
Managing director, Law Union & Rock Insurance, Mr. Jide Orimolade, on his part, said, the company will not relent in delivery of the best service to the customers, noting that the loyalty of its customers were very instrumental to the consistent growth of the firm’s topline in the past few years which has enable the company to eliminate its accumulated loss and able to cross to a positive retained earnings in 2017.
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