Yemisi Izuora
Law Union & Rock Insurance Plc, is currently focussing on distribution of its products to the middle class during the course of 2017 financial year to drive growth and profitability.
The Managing Director, Mr. Jide Orimolade,who disclosed this at the company’s 48th Annual General Meeting, AGM, in Lagos, said that the company also expects to reap huge premium income through retail products as well as launch of additional retail products.
He noted that the effort to reposition the company has started yielding result as the company was able to regain its dominance in the engineering sector. He attributed the leading position in engineering sector to the various strategic initiatives were driven by state of the art technology that gave the company advantage over competitors and resulted in good profitability in 2016.
Speaking earlier, the chairman, Mr. Remi Babalola, said that the Board is positioning itself for the risk based supervision and risk based capital regime the National Insurance Commission, NAICOM, planned to implement this, and assured that the Board would ensure that the company’s capital requirements are in line with her risk profile.
“We are confident that at a minimum, we will meet the expected risk based capital requirement,”he said.