The company recorded a profit after tax of N283.6 million compared to N193.6 million achieved in 2014
Law Union and Rock Insurance Plc made a Profit before Tax of N333.7 million for the quarter ended March 31, 2015.
The quarterly report submitted by Law Union to the Nigerian Stock Exchange showed that the company’s profit before tax rose to N333.7 million as at the end of March 2015 from N227.8 million while it recorded a profit after tax of N283.6 million compared to N193.6 million achieved in 2014.
There was a decline in underwriting profit to N434.25 million from N467.31 in the corresponding period in 2014 as a result of decline in the gross premium written from N1.76 billion to N1.31 billion. Investment income rose to N97.6 million from N76.7 million in 2014 while the total assets of the company also went up to N8.2 billion from N7.7 billion in 2014.
The Managing Director of the company Mr Jide Orimolade assured that Law Union and Rock Insurance would continue to be innovative and introduce measures to increase profit even in very challenging market conditions. He said that the underwriting firm would continue to create wealth for the shareholders and increase her efforts at ensuring high customer service. He also assured that prompt claims payment would be a priority to the firm adding that it would continue to meet and exceed the expectations of its stakeholders.
The law union boss said the company’s ability to surmount challenges in the competitive insurance market mitigate risks as well as take advantage of profitable opportunities will continue to strengthen and position it as one of the leading underwriters in the country. He also added that the Law Union would continue to strengthen its strategic alliances with insurance intermediaries and clients to increase its market share in the sector.