Law Union and Rock Plc, one of Nigeria’s underwriting firms said it has significantly improved on its financial activities leading to healthy cash position now in excess of N6billion which will enable it to pay for any claims conveniently and get repaid by the reinsurers.
The firms Managing Director/CEO, Mr Jide Orimolade proudly announcing its audited half (H1) year financial results ended June 30, 2017, during the Chief Executive Officers, CEO Forum organized by the National Association of Insurance and Pension Correspondents ( NAIPCO) in Lagos.
Orimolade also said that it’s gross premium income grew by 17 percent to N2.764billion in 2017 when compared to N2. 371billion in 2016 reported in same period. “Our target is to record a minimum of 40 percent. The various strategies we have put in place in terms of retail and corporate businesses we believe will enable us to achieve it,” he added.
He further said that the company’s profit after tax grew from N307, 334 million half year 2016 to N318,749million in same period of 2017 representing four percent increase.
According to him, the firm is aiming high to meet a target of N1billion at the end of 2017, which he said is achievable through strategic plan and efficient staff and management.
Speaking on achievements during the period under review he said the firm maintained prompt claims payments, despite the high increase in claims report which he attributed to flooding at the half part of 2017. The company also settled claims within 72 hours and paid a total of N622,518 million as claims to its customers.
He further revealed that as at August 2017 the total claims paid to customers is close to N1billion just as it generated an investment income of N400million when compared to N2.33 million report in same half year of 2016 and total assets stood at N10, 631,874billion in 2017 when compared to N8,580,876billion reported in 2016