Law Union and Rock Insurance Plc has declared its net benefit and claims increased by 117 per cent to N1.6 billion at the end of 2018 financial period, from N0.737 billion in the corresponding period of 2017.
This is even as it declared a dividend of two kobo per share for the 2018 financial year as part of its commitment to continually enrich its shareholders.
Presenting the annual report to shareholders at the company’s 50th annual general meeting in Lagos, the Chairman of the company, Remi Babalola, revealed this saying “We are pleased to be one of the top claim paying Insurance companies as our claim paid per premium earned is one of the highest in the industry.”
With the increase in net benefits and claims, Babalola stated that the company’s profit before tax fell by 55.4 per cent to N0.490 billion from N1.099 billion recorded in 2017.
He said the underwriter’s gross premium written rose slightly by 6.79 per cent from N4.252 billion achieved in 2017 to N4.541 billion in the year under review while its profit however, dropped significantly by 46.05 per cent to N0.638 billion from N1.182 billion posted in 2017.
The Chairman noted that the company had remained unrelenting in sustaining high corporate and ethical governance standards in its business, while its board had been at the forefront of ensuring total compliance with every directive from the National Insurance Commission.
He said, “The company’s management went through a significant overhaul with the appointment of Ademayowa Adeduro as the new managing director/chief executive officer”.
Commenting on the future outlook of the firm, Adeduro said: “While we anticipate an improved operating economy, our strategic initiatives for the year 2019 includes; to begin sales in AutoReg-Courtville franchise that bundles our auto insurance with vehicles licence renewal.
“We will broaden the horizon of our financial institution/bancassurance and broker marketing groups; to have two sub-units under FI and three sub-units under brokers.”