Law Union and Rock grows profit by 66%, pays dividend

Underwriting firm, Law Union & Insurance Plc despite  the tough business environment in 2017 grew profit by 66.8 percent and paid  dividend to shareholders.

Remi Babalola, chairman of the Company said the company recorded good performance in 2017 with 8 percent growth in its top line,  from gross premium of N3.94 billion in 2016 to N4.25 billion at the end of 2017.

The Profit before tax of N1.099billion was achieved compared to N659million recorded in 2016 which indicates a steady performance improvement of our Company. Total assets grew by 16.9 percent to N10.03 billion from N8.58 billion posted in 2016 financial year with a 28.6 percent growth in shareholders’ funds from N5.03 billion to N6.47bilion.

The company also recorded a giant feat in its general reserves with retained earnings of N704 million from accumulated loss of N24 million recorded in 2016. In recognition of this performance, the Company declared a cash dividend of 4Kobo per share for the financial year.

Babalola said the company is stronger, better, bigger and more than ever before; with one of the highest ratings in Claim Paying Ability (CPA) in the industry.

The Chairman also presented the new Executive Director, Technical/Operations Olasupo Sogelola and Kunle Aluko (non-executive director) to the shareholders. Both appointment have been approved by the NAICOM.

The Managing Director of the Company, Jide Orimolade in his speech said that the Company will not relent in delivery of the best service to the customers. According to him, the loyalty of the customers were very instrumental to the consistent growth of the Company’s topline in the past few years which has enable the company to eliminate its accumulated loss and able to cross to a positive retained earnings in 2017.

Modestus  Anaesoronye