Law Union and Rock Insurance Plc gross premium hits N4.252bn

Law Union & Rock Insurance Plc. posted a gross premium of N4.252 billion in 2017 compared to N3.936 billion recorded in 2016.

The Chairman of the company, Remi Babalola, who disclosed this at the firm’s 49th Annual General Meeting (AGM) in Lagos, said the company’s profitability grew by 66.8 per cent. According to him, the company recorded good performance in 2017 with 8 per cent growth in its top line over the figure from the previous year.

A significant contribution to the profit, he said, came from the company’s investment income. The Profit Before Tax (PBT) of N1.099 billion was achieved compared to N659 million recorded in 2016, which indicates a steady performance improvement of the company. He stated that the total assets grew by 16.9 per cent to N10.031 billion from N8.58 billion posted in 2016 financial year with a 28.6 per cent growth in shareholders’ funds from N5.03 billion to N6.47 billion. He noted that the company also recorded a giant feat in its general reserves with retained earnings of N704 million from accumulated loss of N24 millions.

Source: Maduka Nweke, Sunnewsonline.com