Connect with us
Advertise With Us

BUSINESS

Law Union & Rock Insurance Shareholders’ Fund Hits N6.4bn

Published

on

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.

Advertisement
Comments

MOST READ

NEWS2 hours ago

Assent To Forensic Investigators Bill, Reps Task PMB

A member of the House of Representatives, Hon. Uzoma Nkem-Abonta has urged President Muhammadu Buhari to sign the Chartered Institute...

POLITICS2 hours ago

I Am Not Bitter Over My Brother’s Loss At Supreme Court, Says Adeleke

The President and founder of Adeleke University, Ede, Dr. Deji Adeleke has said that he was not embittered by the...

NEWS2 hours ago

Edojobs, Mainone Partner On Data Science, AI Training For 100 Edo Youths

The Edo State Skills Development Agency (EdoJobs) has partnered with MainOne, West Africa’s leading connectivity and data center provider, to...

Peoples Democratic Party PDP logo Peoples Democratic Party PDP logo
NEWS2 hours ago

PDP Raises Alarm Over Alleged Missing $1bn ECA Security Fund

***Demands Immediate Public Explanation From PMB The Peoples Democratic Party (PDP) has described as shocking the confession by the National...

NEWS2 hours ago

Rivers Govt Moves To Eliminate Sea Piracy

The Rivers State government has declared that it is taking necessary steps towards eliminating sea piracy and other terror attacks...

NEWS2 hours ago

World Bank Engages SMEs In Edo, Declares Support For Obaseki’s Blueprint

A Senior Economist with the World Bank, Gloria Joseph-Raji, has said the Bank is committed to supporting Governor Godwin Obaseki’s...

NEWS2 hours ago

Confab Report: GEJ Has No Moral Right To Canvass Implementation

A civil society group, Civil Society Legislative Advocacy Centre, CISLAC has taken a swipe on the former president, Good luck...

Advertisement

MOST POPULAR

%d bloggers like this: