Law News
Law Union Grows Gross Premium by 17%

Law Union & Rock Insurance Plcs gross premium written rose by 17 per cent to N2.76bn in the 2016 financial period, from N2.37bn in 2015

In a statement, its Managing Director, Mr. Jide Orimolade, said the firm was able to record good result due to strategic measures used to penetrate the insurance market.

The company’s profit after tax rose by four per cent from N307.33m in 2016 to N318.74m, while gross claims paid stood at N622.51m in the half-year period of 2017.

While assuring that there were better prospects for the company, he said that the performance was due to the efforts of the board, management and staff of the company.

He said the company’s priority bordered on quality service and prompt claims payment to customers, formed part of its short and long-term goals.

According to him, the company has launched retail products for low income earners, such as the home guard product, which 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.

Orimolade said there was a prospect for insurance to grow in Nigeria.

“All we need to do is to continuously educate our people on the importance of insurance and in no distant time, we will get there like our western counterparts” he said.

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