By Alex C
Underwriting firm, Law Union & Rock Insurance plc for the financial years ended December 31, 2013, recorded a profit after tax of N485 million as against a loss of N1.3 billion in 2012, while the profit before tax stood at N459 million as against a loss of N1.1 billion during the same period.
Adenike Adeniran, chairman of the company, disclosed this during the firm’s 45th annual general meeting held in Lagos.
Notwithstanding, the intimidating challenges and continued economic turbulence globally and Nigeria in particular, the company achieved a gross premium income of N3.7 billion in 2013, as against N4.03 billion in 2012.
The chairman stated that 2013 was the first year of the adoption and implementation of the National Insurance Commission directive of ‘no premium no cover,’ which no doubt boosted liquidity and reduced the problem of huge receivables for operations in the industry.
“We strongly believe that the year 2014 will be a better year as cash premium collection will tremendously improve significantly the fortunes of the industry,” she said.
Toyin Ogunseye, managing director of the company, said during the year under review, its total equity grew by 19.14 percent to N4.17 billion as against N3.5 billion in 2012, while total asset grew from N6.5 billion in 2012 to N6.9 billion in 2013, assuring that Law Union & Rock would continue to achieve growth in profitable market share even in very challenging market conditions.
“In 2014, we are committed to strongly consolidate on the gains of the previous year with renewed vigour in the execution of our corporate strategy and strategic initiatives. We will not relent on our efforts towards ensuring high quality customer service.”
In pursuance of its retail strategy, the managing director said it had expanded its retail channel platform, which makes it possible for anyone to purchase its products, especially motor insurance product from any part of the country.
She said it was aware that a great proportion of the population was not insured or do not have any form of insurance. |In order to provide this segment with insurance solutions, our microinsurance products will be deployed to this informal market segment using our agency network force, she said.