Law Union & Rock Insurance Plc., has projected a profit of N379.7 million for the end of the year, 2020.
In a note to the Nigerian Stock Exchange signed by Ebenezer Ijanusi, Head Financial Reporting and Budget and Ayo Osunbunmi, Chief Financial Officer of the firm, gross premium was projected to be N1.32 billion while cash balance at the end of the year will rise by 11.87% to N4,931,477,288.
The firm received approval for its 2019 audited financial statement, recording a total assets of N12.15 billion as against N11.21 billion in 2018, indicating an 8.39 percent increase, while shareholders fund also appreciated from N6.37 billion in 2018 to N7.16 billion in 2019.
The Company at the end of December 31, 2019 recorded a gross written premium of N4.83 billion, as against N4.54 billion in 2018, showing a 6.39 percent increase.
Its profit after tax during the same period was 802.8 million, a percent increase from N263.59 million in the review year indicating a 205 percent, which may have resulted from quality underwriting and investment income recorded in the period under review