Law Union Records N610m Profit in Q3

• Law Union Records N610m Profit in Q3

Law Union & Rock Insurance Plc said it recorded a profit before tax of N610m in the third quarter of 2016.

A statement obtained from the firm on Sunday reported its Managing Director, Mr. Jide Orimolade, as saying the company was able to grow its assets by 1.34 per cent from N9.1bn in the third quarter of 2015 to N9.23bn in the corresponding period of this year.

He said that the company’s asset rose by 12 per cent at the end of 2015 from N8.27bn to N9.22bn in the third quarter of this year.

Although the company recorded a slight decrease of two per cent in its gross premium income in the third quarter of 2016 compared with the result recorded in 2015, he said the liability was kept below the figure recorded in the same quarter in 2015 by 3.94 per cent.

Orimolade said that the company also grew its equity by 6.22 per cent from N4.73bn to N5.027bn within the same quarter.

Although the current economic headwinds impacted on the company’s production in the third quarter of 2016, he said that its claim surged by 16 per cent in the review period.

The managing director promised that despite the economic crisis, the company would always put its key stakeholders first and continue to ensure that their protection remained its priority.

He emphasised that the company was strong and vibrant, adding that the GCR rating was an affirmation of its capability to fulfil all its obligations in relation to all the risks the company had undertaken.

Orimolade recalled that the company recorded a huge loss in 2012 as a result of the clean-up of its outstanding premium, which plunged it into negative results.

The statement said, “The management’s commitment to move the company to a healthy bottom-line and pay shareholders’ dividend has begun to materialise. With this result, the company has been able to offset this accumulated loss by 94.7 per cent from N1.02bn in 2012 to about N53m in September 2016.”