Law Union and Rock posts 100% profit growth in 2016

Sakiru Oyefeso

Law Union and Rock Insurance plc in its financial report recorded NGN2.6 billion net insurance income for fourth quarter 2016 same as it recorded same period 2015.

The company’s underwriting expenses for the period was NGN1.6 billion compared to NGN1.7 billion recorded in the year 2015.

The company recorded NGN658.6 million as profit before taxation against NGN328.4 million recorded in 2015.

After deducting it’s tax expenses for the period, Law union and rocks profit for the year increased by 100% to NGN561.8 million in contrast to NGN280.8 million recorded in 2015.

It’s total assets for the year was NGN8.5 billion compared to NGN8.2 billion recorded in the financial year 2015. It’s total liabilities for the period was NGN3.5 billion against NGN3.8 billion recorded in 2015.

Law union and rocks insurance plc recorded gross written premium of NGN3.9 billion in 2016 compared to NGN3.8 billion in the year before.

Leave a Reply

Your email address will not be published. Required fields are marked *