From left: Head Legal/Admin & Company Secretary, Law Union & Rock Insurance Plc, Stanley Chikwendu; Head Enterprise Risk Management, Monday Utomwen; Chief Marketing Officer, Steve Ajudua; Managing Director/Chief Executive Officer, Jide Orimolade; Chief Financial Officer, Olabisi Olayiwola; Head Information and Communications Technology, Boluwatife Ajewola and Head Internal Control/Audit Habib Emmanuel at the event.
.Eyes N1bn profit after tax
Leave a comment and share
Chuks Udo Okonta
Law Union & Rock Insurance Plc recorded a gross premium written of N2.76 billion in the half year ended June 30, 2017 an increase of 17 per cent against N2.37 billion recorded in June 30, 2016, its Managing Director/Chief Executive Officer, Jide Orimolade, has said.
He disclosed this today at a media parley in Lagos, adding that the company’s profit after tax rose by four per cent in the second quarter from N307,334 million in 2016 to N318,749 million 2017.
He posited that there was a high increase in claims report due to the flooding in the half quarter, stressing that however, the firm’s gross claim paid stood at N622,518,696 in the half year ended June 30, 2017.
Orimolade maintained that the firm is now committed and strategically positioned to consolidate on her profit earned this year to delight its shareholders and all other stakeholders.
On focus for this year, he noted that the firm hopes to grow its gross premium income written by 50 per cent; retain 90 per cent of its existing customers; grows its direct & retail businesses; improves relationship with brokers and other channels; achieves an improved credit rating from A- to A+ by GCR and becomes the preferred first choice underwriter amongst the General Insurance business provider in Nigeria.
He said the firm has developed and released four products into the market this year, adding that the products include: I-Salute; Doctor-on-Cover; GPA-4-Schools and Sure Pay.
I-Salute, he said was designed to provide support and relieve to Officers and their families in event of accidents that result in any or a combination of Bodily injury requiring resulting in medical expenses. Permanent disability preventing the person from carrying on with his/her regular business or activities * Death * Injury, permanent disability or death resulting from armed robbery attack is also covered.
He said Doctors-on-Cover was designed to help Medical Doctors comply with the law as well as protect them from unforeseen legal liabilities that could prevent them from practicing what they love.
GPA-4-Schools, he said is a Group Personal Accident product designed for Schools and Students/Pupils at all levels of education – Kindergarten, Nursery, Primary,Secondary and Tertiary. It provides cover against accidental death or permanent disability of the insured Parent or Guardian and also the medical expenses incurred as a result of any accident involving any insured Parent or Student/Pupil.
SurePAY is an e insurance product that provides some level income security in event of loss of employment. It guarantees the payment of an agreed amount of monthly income up to six (6) months after job loss, he said.
Chief Marketing Officer, Law Union & Rock Insurance Plc, Steve Ajudua; Managing Director/Chief Executive Officer, Jide Orimolade and Chief Financial Officer, Olabisi Olayiwola at the event.
“These products fit in to insurance for Small Medium Enterprises (SMEs) and we hope they will contribute to the company gross premium in 2017.
“We recognize partnership/synergy as a strategic alliance tool to reach our potential ecosystem grid through decisive business development and marketing penetration. This initiative had delivered unprecedented.
“We hold our customer with high esteemed, and the company is committed to continuous improved relationship with them,” he said.
According to him, the second focus of the company is on process improvement, stressing that the firm is more committed to improve its service delivery to esteemed and valued policyholders as well as become more strategically positioned for interface with its teeming valued clients.
He maintained that the firm will improve its brand visibility nationwide through various brand equity strategic Architecture, development of new products both in retail, agricultural insurance and more.
