Law Union & Rock Insurance Plc has released its financial reports for the year ended 31st December 2017.
During the year under review, its gross premium income rose by eight percent to ₦4.25bn in 2017 from ₦3.9bn in 2016.
Profit before tax rose by 66.8 percent from ₦658.64m in 2016 to ₦1.1bn in the 2017 financial period. Profit after tax also rose by 62.1 percent from ₦561.85m in 2016 to ₦910.71m in 2017.
The company said claims paid to its clients in 2017 amounted to ₦1.4bn as against ₦967.8m paid in 2016. The total assets of the company grew by 16.9 percent from ₦8.58bn in 2016 to ₦10.03bn in 2017. While investment and other income appreciated to ₦912.5m from ₦687.3m in 2016.
The company has also announced a final dividend of 4 kobo per ordinary share.
Law Union and Rock was incorporated on 17 June 1969. In January 1999, it became a composite insurance company when it was registered to market all classes of life and general insurance policies subject to the Insurance Act 2003. The Company’s shares were listed on the Nigerian Stock Exchange on the 9th of July 1990.