Despite the fragility of the economy in 2017, Law Union & Rock (LUR) Insurance, said its gross premium written stood at N4.252billion.
This was disclosed at the 49th Annual General Meeting, in Lagos, by the Chairman of the Company, Remi Babalola, while it grew its profit by 66.8 per cent.
According to him, the company recorded good performance in 2017 with eight per cent growth in its top line over the figure from the previous year. A significant contribution to the profit came from its investment income.
The Gross Premium Written stood at N4.252billion compared to N3.936billion recorded in 2016. Profit before tax of N1.099billion was achieved compared to N659million recorded in 2016, which indicated a steady performance improvement. Total assets grew by 16.9 per cent to N10.031billion from N8.58billion posted in 2016 financial year with a 28.6 per cent growth in Shareholders’ Funds from N5.03billion to N6.47bilion.
The company also recorded a giant feat in its general reserves with retained earnings of N704million from accumulated loss of N24million recorded in 2016. In recognition of this performance, the Company declared dividend of 4Kobo per share for the financial year.
Babalola said LUR is now stronger and more liquid, and would remain committed to meeting its obligations as they fall due.
He also presented the new Executive Director, Technical/Operations Olasupo Sogelola, and Kunle Aluko (non-executive director) to the shareholders. Both appointments have been approved by the NAICOM.
The Managing Director, LUR, Jide Orimolade, assured that the Company will not relent in delivering the best service to customers. According to him, customers’ loyalty is very instrumental to the consistent growth of the bottom line in the past few years, and enabled it eliminate accumulated losses, to post positive retained earnings in 2017.
Given the good performance, the shareholders were happy to re-elect three retiring directors – Remi Babalola (Board of Directors Chairman), Obinna Onunkwo, and Funmi Ekundayo, for another three years.