Law Union & Rock’s 2015 Profit Rose By 124%

MRS Oil

Law Union and Rock Insurance PLC net profit rose from NGN125,4 million in 2014 to NGN280,9 million. This shows its profit rose by 124% year on year.

The company’s net premium rose by 7% from N2.51bn in 2014 to N2.69bn in 2015. Also, Profit before tax rose by 27 percent from N259.8 million in 2014 to N328.5 million in 2015

Adenike Adeniran, Chairman of the company said “Despite the economic headwinds, the bottom line improved, the investment income was enhanced, solvency and liquidity were higher than prior year”.

Commenting on the result, Jide Orimolade, CEO Law Union and Rock said the company is “investing in technology to take advantage of the multichannel communications/social media platforms which are in vogue and aim to be more active in meeting evolving customer expectations”.

Swanlux Solutions and Services Limited, Alternative Capital Limited and Nikal Nigeria Limited are Majority shareholders in the company.

 

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