The Chief Marketing Officer (CMO) of the Law Union & Rock Insurance Plc, Steve Ajudua has exited the company. In a released statement by the insurance company, Ajudua’s exit will take effect on September 15, 2018.
Pending the appointment of a substantive CMO, the incumbent Branch Coordinator, Wole Yekinni will act as the CMO.
Ajudua is a member of Chartered Insurance Institute of Nigeria, Member of Chartered Institute of Stockbrokers, an Associate of the Chartered Institute of Management of Nigeria, Member of the Institute of Pension Management of Nigeria and a Member of the Association of African Business Schools.
In his past career, Ajudua was Regional Director at Uba Insurance Company Limited, Chief Operating Officer of ADIC Insurance Limited. and General Manager, Marketing & Strategy at NICON Insurance Limited.
Law Union & Rock Insurance Plc had released its unaudited financial statement for the period ended 30th June 2018.
During the half-year period, the insurance company’s Gross Premium Income dropped to N2.14 billion in 2018 from N2.16 billion in June 2017. This represented a 1 percent decrease. Profit before tax increased by 14 percent from N375 million in June 2017 to N428.5 million in June 2018.
Profit after tax also increased by 14 percent from N319 million in June 2017 to N364 million in June 2018.
Recall that in July, that the company also announced the exit of its Chief Finance Officer (CFO), Olabisi Olayiwola.
Law Union & Rock Insurance Plc is a first generation insurance company, which began operation in 1951. 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 insurance company listed on the Nigerian Stock Exchange (NSE) on the 9th of July 1990.
Shares of Law Union & Rock Insurance Plc traded at N0.73 on the floor of the NSE.