Foremost underwriting firm, Law Union & Rock Insurance Plc, has posted a 100 per cent increase in profit after tax from N280.92 million in 2015 to N561.85 million in 2016.
Managing Director of the company, Jide Orimolade, who disclosing this, expressed hope of achieving similar feat this year by growing its premium income by 50 per cent.
He said that the firm was committed and strategically positioned to consolidate on profit earned this year to delight its shareholders and stakeholders.
He noted that the company’s giant stride in profit after tax in 2016 enabled it to positively reduce the previously accumulated loss by 95 per cent from N468 million in 2015 to N24 million last year.
On claims payment, he said the N1.6 billion claims were paid out in 2015 as against N1.43 billion paid in 2016. He also confirmed that it paid N380 million as claims during the first quarter of 2017, representing 24 per cent increase of what was paid in the period two years ago.
Part of the plans for the current year, according to the managing director, is to retain 90 per cent of its existing customers, grow direct and retail businesses, improve relationship with brokers and other channels, achieve an improved credit rating from A-to A+ by GCR and also become the preferred first choice underwriter amongst the general insurance business providers in Nigeria.
While giving assurance that the company had concluded on development of three new retail products that would be launched this quarter, he said that the firm would also improve its service delivery to clients, improve brand visibility and develop new products.