Law Union & Rock Insurance Plc has released its third quarter 2015 unaudited financial statements.
The report showed that the company’s profit before tax rose by 215 per cent to N664.1m as at the end of September 2015 from N210.4m in 2014 while it recorded a profit after tax of N564.5m compared to N178.8m achieved in 2014.
A statement by the Head, Research Strategy & Corporate Communications, Mr. Idongesit Mbat, during the quarter under review indicated that the company achieved an increase of 11.5 per cent in its Gross Premium Income (GPI).
The release stated that its GPI stood at N2.63 Billion in 2014, the figure rose to N2.93 billion by September 31, 2015. There was a 58.7 per cent increase in underwriting profit to N1.08 billion from N686.3 million in the corresponding period in 2014.
Investment income rose 22.6 per cent to N303.8m from N247.7m in 2014 while the total assets of the company also went up by 11.36 per cent to N9.1 billion from N8.2 billion in 2014.
The company said it has carried out a “critical review of the overall corporate performance and is repositioning to drive positive and very significant growth in coming years through a well thought out 5-year Strategic Plan”.
This is to guide its resolve to “greatly improve on our all-round corporate performance and take a significant share of the market”.
Similarly, it noted that “our strategic direction to grow the business is anchored on developing the direct/retail market segment, improving relationship with existing intermediaries, developing alternative distribution channels and improving our brand value”.
The Managing Director of the company Mr. Jide Orimolade, said the Board and management were quite confident that all the initiatives will turnaround the fortunes of the company within the shortest possible time.
source: National Mirror