Speech by the Managing Director, Law Union & Rock Insurance Plc at a media parley with members of National Association of Insurance and Pension Correspondents on Monday, November 20, 2017.

From left: Chief Financial Officer, Law Union & Rock Insurance Plc, Olayiwola Olabisi; Managing Director, Jide Orimolade; Executive Director Technical Operations, Supo Sogelola at the event.

MD SPEECH AT MEDIA PARLEY WITH NATIONAL ASSOCIATION OF INSURANCE AND PENSION CORRESPONDENTS (NAIPCO) ON MONDAY 20TH NOVEMBER, 2017 HELD AT BROKERS HOUSE, YABA, LAGOS

Protocols
Special greeting to the Exco of NAIPCO and all the members of NAIPCO for all the support we have been receiving from you.
Introduction
Permit me to introduce my team:
1. Mr. Supo Sogelola- Executive Director – Technical & Operations
2. Mr. Steve Ajudua – Chief Marketing Officer
3. Mr. Olayowola Olabisi- Chief Financial Officer
4. Mrs. Folake Afolabi – Chief Technical Officer
5. Mr. Stanley Chikwendu – Company Secretary/ Legal Adviser
6. Mr. Monday Utomwen – Head, ERM & Compliance
7. Mrs. Eyoanwan Ndiyo-Aiyetan – Head, Human Capital Mangement
8. Mr. Emmanuel Habib- Head, Internal Audit
In this edition of our interaction with the media we have three folds of good news to share with you and public at large.
1. Appointment of a new Executive Director
2. Our Brand recognition and awards
3. Sterling performance of our Company in Q3, 2017
APPOINTMENT OF NEW EXECUTIVE DIRECTOR
Although this is already in the knowing of those who are very close to our company and some media house have already published it.
It is my pleasure to introduce our New Executive Director, Technical and Operations to the gentlemen of the press.
Mr Olasupo Sogelola is an accomplished executive who has over the years proven himself as a visionary leader and a business strategist.
His experience in the insurance industry has spanned for over two decades. Mr. Sogelola began his career in insurance in 1992 as a Reinsurance Underwriter with Guinea Insurance Plc., Lagos. In 2010, he joined FBN Insurance Limited (Subsidiary of First Bank & Sanlam of South Africa) as the Head, Corporate Division where he rose to the position of Group Head, Brokers & Public Sector. As a result of his extraordinary leadership skills, he was appointed as the acting Managing Director of FBN General Insurance Limited from December 2015 – April 2016.

He is an Associate Member of the Chartered Insurance Institute of Nigeria. He has attended many high profile conferences and trainings both locally and internationally.
He has since been approved by the regulator – National Insurance Commission (NAICOM) and notified to the Security Exchange Commission.
Mr. Sogelola has brought his wealth of experience, ingenuity and knowledge to fore in consolidating on achievement of Law Union & Rock Insurance Corporate goal.

OUR BRAND RECOGNITION AND AWARDS
You will all agree with me that one of the ways of measuring company brand visibility is through public recognition and award.
Part of our corporate objective is to create niche for ourselves in the industry. We are not unmindful of the competition which is characterised with price war in the industry, but we believe we could navigate through by differentiation and best service delivery.
It is on this onerous focus that we have been giving our best to our esteemed customers.
Permit me to cite cases of response from some of our customers’ testimonies.
– Comfort Chef Hospitality has this to say about us after payment of her claim “Prompt and efficient”
– Here is another customer’s comment Mr. Adekunle Juba, about our service “Fast, Efficient & Satisfactory”
– Mr. Uzo I.B response after payment of his claim was – “very good, prompt claim resolution”
Because we are committed to best service delivery to our esteemed customers, we have been committed to the continuous improved service delivery through technology. And these testimonies is a confirmation.
• On the Thursday 9th November, 2017 at the Eko Hotel, Law Union & Rock Insurance Plc was recognised and honoured as the “Global Most Trusted Company in Quality Insurance for the Year 2017”.
• Earlier before the Global Quality Award, we were also recognised among Award winners of CEOs Today 2017 in Africa.
This means that our quality services never go unnoticed.
It is clear that these recognition and award are support from all our stakeholders- especially our esteemed customers and media partners.
Permit me to say that you made it happen.
• You blow the trumpet of our good work
• You recommend us for these award
• You call the attention of people to see our excellent service.
These honours is for all of us, we all did the great job.
We believe we can keep doing this good work together.

LAW UNION AND ROCK INSURANCE PLC Q3, 2017 PERFORMANCE
The Last Phase of our Interaction today is to update you with our performance in the last nine months.
Total Assets
Shareholders Fund
Gross Premium Written
2017 (N’000)
2016 (N’000)
2017 (N’000)
2016 (N’000)
2017 (N’000)
2016 (N’000)
10,355,252.00
9,228,889.00
6,215,604.52
5,027,265.99
3,531,126.93
3,197,325.04
12%

24%

10%

Net Claim Expenses
Underwriting Result
Management Expenses
2017 (N’000)
2016 (N’000)
2017 (N’000)
2016 (N’000)
2017 (N’000)
2016 (N’000)
611,058.41
611,235.01
713,510.34
970,484.60
801,807.27
782,483.41
-0.03%

-26%

0.02

Investment Income
Profit Before Tax
Retained Earning
2017 (N’000)
2016 (N’000)
2017 (N’000)
2016 (N’000)
2017 (N’000)
2016 (N’000)
611,862.29
369,402.91
727,869.34
610,412.98
470,563.15
-53,091.17
66%
19%
786%

From the Result
– We can see that the company is on a growth and better path, although we have not reach our goal, but continuous improved result show we are going to get there.
– Some business analyst and media houses have beamed their research light on our performance and they also confirm this.
– We will not relent in this course of getting to that pinnacle.
– We encourage the media to join us especially in creating awareness and also marketing insurance. And when you do that you should be fair to keep propagating the company with good service delivery like Law Union where the customers can get best service.
2018 Prospect
– Federal Government has presented a proposal of N8.612 Trillion budget with an improvement on capital expenditure which is 30.8% of the budget.
– Oil price is already $63.99 per barrel but budget proposal benched mark it as $45.
– With improve revenue, decrease in domestic borrowing (as the government has planned to reduce their borrowing share to 60% domestic and 40% foreign) with signal of decrease on interest on Treasury bill, there would definitely be an improvement in economic bubbling. Customer purchasing power is expected to increase.
– All things being equal (ceteris paribus), insurance is expected to have a better share, better penetration and improve gross premium written in coming year.
– Besides, we also expect that the on-going partnership between insurance industry and State Government midwife by NAICOM to grow the income from the compulsory insurance policies.

Finally,
Permit me to appreciate you for all your good job in sensitising and awareness creation about insurance industry in Nigeria.
Please keep doing this great job.
Thank you
Jide Orimolade
MD/CEO
Law Union & Rock Insurance Plc

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