By Amaka Obiefuna

On Tuesday 23^rd May 2017, the Law Union and Rock insurance Plc held her 48^th Annual General Meeting in Lagos. The Chairmen of the Company, Mr. Remi Babalola revealed that in 2016 the company increased marginally in her top-line whilst it recorded a significant growth in the bottom-line.

The Company ended the year with N3.935 billion Gross Premium Written compared to N3.858 billion recorded in 2015. Profit before Taw grew by over 100%, from N0.328 billion in 2015 to N0.658 billion. Total assets grew by 3.72% to N8.580 billion while shareholders’ funds grew by 13.03% from N4.458 billion to N5.039 billion in 2016. Mr Babalola said, the company’s mantra remain “unfailing and prompt settlement of all claims” with Claim Paying Ability (CPA) rating of A- . He said the company paid out N1.454 billion in 2016.

Mr. Babalola while presenting  his report to the shareholders said the shareholders of the Company to raise additional capital by way of private placement to the tune of 1,031,199,000 ordinary shares of N0.50 Kobo at N0.70 Kobo per share,

Requisite regulatory approvals were obtained for the placement issue. Consequent upon a conditional approval issued by the National Insurance Commission, that the investor’s post-placement position should not exceed 20% of the Company’s equity,

The placement was 83.3% subscribed, thus bringing the total shares subscribed to 859,000,000 ordinary shares. The additional capital raised is expected to significantly enhance the Company’s operations and boost its capacity to play in the oil & gas and engineering subsector of her insurance space.

Law Union & Rock Managing Director, Mr. Jide Orimolade on his part  said that the profitability of the company has constantly been increased since 2014. He also confirmed that the repositioning has begun to yield result as the company was able to regain her dominance in the Engineering market. He attributed the company’s great feat to the various strategic initiatives which were driven by state of art technology.