By Nse Anthony-Uko
(Sundiata Finance) – Law Union & Rock Insurance Plc, has posted N3.51 billion gross premium within a period of nine months, from January to September 2017.
Managing Director of the firm, Mr. Jide Orimolade, who stated this at a media parley in Lagos, said this was an impressive result when compared to N3.19 billion gross premium recorded within the same period last year.
He added that the Investment income of the company was N611.86 million, even as profit before tax stood at N727.87 million, while retained earnings was N470.56 million. He said the company’s shareholders’ fund stood at N6.22 billion and total assets at N10.36 billion.
Moreover, he said, his insurer has paid about N1.25 billion claims between January and November, 2017′ adding that his company has reviewed its claims processes to ensure that claims payment is done within a short time and that there are efforts to digitalize claims payment process.
He said the firm has, in recent times, won some awards, which include: Global Most Trusted Company in Quality Insurance for the Year 2017 and CEOs Today 2017 in Africa.
To him, “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.”
Speaking on the 2018 budget, he noted that Federal Government’s budget proposal of N8.612 trillion with an improvement on capital expenditure put at 30.8 per cent, would really impact insurance business, stressing that with improved revenue, decrease in domestic borrowing (as the government has planned to reduce their borrowing share to 60 per cent domestic and 40 per cent foreign) with signal of decrease on interest on Treasury Bill, there would definitely be an improvement in economy.
Customer purchasing power, he pointed out, is expected to increase and that all things being equal, insurance is expected to have a better share, better penetration and improve gross premium written in 2018.
Insurance operators, he stressed, expect that the ongoing partnership between insurance industry and State Government midwifed by the National Insurance Commission (NAICOM) to grow the income from the compulsory insurance policies, would impact the sector positively.
On his part, the Executive Director, Technical and Operations, Mr. Supo Sogelola, said the firm is presently investing on Information and Communication Technology (ICT) to drive its operations, adding that the claims processes are being digitalised to ensure prompt settlement.
The insurer, according to him, is working assiduously to deepen its retail operations, noting that the company has acquired a software that would enable the public procure their insurances at the comfort of their homes.