Law Union & Rock insurance premium income hits 17% in half year
Law Union & Rock Insurance Plc has recorded a gross premium of N2.76bn in the first half of 2017. According to the firm, the performance showed an increase of 17 per cent against the N2.37 billion recorded for the same period last year.
This is contained in the company’s unaudited financial statement recently released. The Managing Director, Jide Orimolade, said Law Union & Rock, was able to record such result due to a number of strategic measures used to penetrate the insurance market.
The firm’s profit after tax equally rose by four per cent to N307.33 million in 2016 from N318.74m while gross claim paid stood at N622, 519 million in the half year ended June 30, 2017.
He reiterated that these was due to the efforts of Board, Management and Staff, adding that better days are ahead. He said the company’s priority which is quality service and prompt claims payment to customers form part of the short and long term goals.
He maintained that the company launched retail products for low income earners, one of which is called home guard. This provides cover for household contents against fire, flood and special perils.
He restated the company’s commitment to continue to offer innovative insurance products, and improved services to its esteemed customers.