Law Union & Rock Insurance Plc said its profit before tax rose by 66.8 per cent from N658.64m in 2016 to N1.1bn in the 2017 financial period.
A statement obtained from the firm on Sunday said its profit after tax also rose by 62.1 per cent from N561.85m to N910.71m in the period under review.
It stated that this underscored the capability of the board and management to enhance shareholders’ value.
“With the profit, shareholders of the company will smile to the bank for a dividend payout after a long period of reinvestment and ploughing back for growth and expansion,” it stated.
Law Union stated that its earnings per share stood at 21 kobo, as against 16 kobo the previous year, indicating an increase in shareholder’s value.
During the period under review, the company stated that its gross premium income rose by eight per cent to N4.25bn in 2017 from N3.9bn in 2016.
The firm said in its full year audited result, investment and other income appreciated to N912.5m from N687.3m in 2016.
In the statement, the total assets of the company grew by 16.9 per cent from N8.58bn in 2016 to N10.03bn in 2017.
The company said claims paid to its clients in 2017 amounted to N1.4bn as against N967.8m paid in 2016.
Law Union stated, “The positive growth in all the indices in the review year has been attributed to management’s efforts to increase market share and deepen penetration, with the launch of several new products. The products according to market analysts attracted more premium income into the company’s coffers, and created enough liquidity to grow investment and meet claims obligations.”
It added that the firm achieved improved credit rating from A- to A+ as assessed by the Global Credit Rating agency to become the preferred first choice underwriter among the general insurance business providers in Nigeria.
The Managing Director/Chief Executive Officer of the company, Mr. Jide Orimolade, said Law Union & Rock had introduced additional new products into the market including: I-Salute; Doctor-on-Cover; GPA-4-Schools and Sure Pay.
I-Salute, he said, was designed to provide support and relief to officers and their families in the event of accidents resulting in any or a combination of bodily injuries requiring medical expenses.