Law Union & Rock Insurance Plc, has reported a yearly growth of its assets by 16.9 per cent in 2017, representing an increase of value from from N8.58 billion posted in 2016 financial year to N10.031 billion last year.
The company’s gross premium written during the year in review also rose to N4.252 billion, up from the 3.936 billion recorded in 2016 just as its profit before tax (PBT) also rose significantly to N1.099 billion in the year, representing 66.8 percent growth over the N659 million PBT recorded in 2016.
The company’s Chairman, Mr. Remi Babalola, who gave the report of the impressive performance of the risk underwriting entity at the company’s 49th Annual General Meeting at Onikan, Lagos, said that in view of feats in the face of economic challenges in the country, the Board approved the payment of 4 kobo per share to shareholders.
He said: “A significant contribution to the profit came from the company’s investment income while its Gross Premium written stood at N4.252 billion compared to N3.936 billion recorded in 2016. Profit before tax of N1.099 billion was achieved compared to N659 million recorded in 2016, which indicated a steady performance improvement of our company.
“Total assets grew by 16.9 per cent to N10.031 billion from N8.58 billion posted in 2016 financial year with a 28.6 per cent growth in shareholders’ funds from N5.03 billion to N6.47 billion.
“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 4 kobo per share for the financial year”, Babalola said.
He told the shareholders that the company was now stronger and more liquid and would remain committed to meeting its obligations as they fall due.