Law Union & Rock Insurance Plc said its profit before tax rose to N333.7m in first quarter of this year from N227.8m in the same period of 2014.
A statement from the firm on Monday said it recorded a profit after tax of N283.6m in the period under review from N193.6m in the corresponding quarter of 2014.
It, however, noted that the underwriting profit declined to N434.25m from N467.31m as a result of a drop in the gross premium written, from N1.76bn to N1.31bn. Investment income rose to N97.6m in the review period from N76.7m in Q1 2014, while the total assets of the company went up to N8.2bn from N7.7bn.
The Managing Director of the company, Mr. Jide Orimolade, was quoted as saying that that Law Union & Rock Insurance would continue to be innovative and introduce measures to increase profit, even in very challenging market conditions.
He said that the underwriting firm would continue to create wealth for the shareholders and increase its efforts at ensuring high quality customer service. He gave the assurance that prompt claims payment would be a priority for the firm, adding that it would continue to meet and exceed the expectations of its stakeholders.
According to Orimolade, the company’s ability to surmount challenges in the competitive insurance market, mitigates risks as well as takes advantage of profitable opportunities will continue to strengthen and position it as one of the leading underwriters in the country.
He said that Law Union would continue to strengthen its strategic alliances with insurance intermediaries and clients to increase its market share in the sector.
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Source : Punch