Law Union & Rock Insurance Plc recorded a 300 percent growth in profit before tax to N510.3m in the first half of 2015 from N127.4million achieved in the corresponding period in 2014.
Its profits after tax rose also by 300 percent to N433.8 million from N108.3 million in corresponding period of last year.
The company achieved a gross premium written of N2.3 billion by the end of June 2015.The company also disclosed that its gross premium income rose to N1.9 billion in second quarter of this year from N1.7 billion in the corresponding period of last year.
According to its unaudited financial statements as at 30th June 2015, it revealed that the company’s investment income rose to N186.2 million in the period under review from N164.9 million in same period of last year.
Its general administrative expenses reduced to N498.7 million from N523.8 million, while its net benefits and claims also reduced to N282.6 million in second quarter of this year to N415.2 million in second quarter of last year.
The Managing Director of the company, Jide Orimolade said “despite the uncertainties in the economy which slowed down activities in the first half of the year, the company was still able to achieve significant improvement in its financial result”.He said the company would continue to implement strategies that would increase its profitability and improve the lots of the shareholders.
He also noted that the company paid significant claims in the second quarter of the year, adding that it had put in place a smooth mechanism to aid fast claims payment.While noting that the insurance industry has been intensely competitive, he assured that the company would continue to surmount challenges and take advantage of emerging opportunities in the economy in other to position the company as a leading brand in the insurance industry.
“We will continue to improve on our service delivery and ensure we sustain growth on all performance indicators,” Orimolade said.