Law Union and Rock Insurance Plc’s net benefit and claims increased by 117 per cent, to N1.6 billion at the end of 2018 financial period, its Chairman, Mr. Remi Babalola has said.
In 2017, it was N0.737 billion.
Speaking at the company’s 50th Annual General Meeting (AGM) in Lagos, he said the company was pleased to be one of the top claim-paying insurance firms in the country.
Babalola, however, said the company’s profit before tax fell by 55.4 per cent to N0.490 billion from N1.099 billion made in 2017.
He stated that in furtherance of its commitment to enrich its shareholders, he said the board of directors recommended a cash dividend of two kobo per share for the 2018 financial year.
He added that the company’s gross premium written rose slightly by 6.79 per cent from N4.252billion achieved in 2017 to N4.541billion.
Underwriting profit, according to him, however, dropped significantly by 46.05 per cent to N0.638billion from N1.182billion posted in the preceding year, he added.
He said the company had remained unrelenting in sustaining high corporate and ethical governance standards in its business, noting that the board had been at the forefront of ensuring total compliance with every directive from the National Insurance Commission.
He further disclosed the company’s management went through a significant overhaul with the appointment of Mr Ademayowa Adeduro as the new Managing Director/Chief Executive Officer,” he said.
Speaking on the future outlook of the company, Adeduro said while they anticipate an improved operating economy, their strategic initiatives for 2019 include to begin sales in AutoReg-Courtville franchise that bundles our auto insurance with vehicles licence renewal.