Law Union & Rock Insurance Plc has recorded a significant improvement its financials for year ended 31st December, 2017 as it Gross Premium written grew to N4.252 billion compared to N3.936billion written in 2016.

Profit before tax equally soared to N1.099 billion against N659 million recorded in 2016.

Total assets also grew by 16.9 per cent to N10.031 billion from N8.58 billion posted in 2016 financial year while shareholders’ funds surged to N6.47 billion from 2016 figure of N5.03 billion.

The firm within the period rewarded its has shareholders handsomely despite the economic challenge in the country in 2017.

Addressing shareholders at the firm’s 49th annual general meeting in Lagos, the Chairman, Mr. Remi Babalola stated that the company‚Äôs profitability grew by 66.8 per cent, adding that it recorded good performance in 2017 with eight per cent growth in its top line over the figure from the previous year.

He said:“A significant contribution to the profit came from the company’s investment income while its Gross Premium written stood at N4.252 billion compared to N3.936billion recorded in 2016. Profit before tax of N1.099 billion was achieved compared to N659 million recorded in 2016, which indicated a steady performance improvement of our company. Total assets grew by 16.9 per cent to N10.031 billion from N8.58 billion posted in 2016 financial year with a 28.6 per cent growth in shareholders’ funds from N5.03 billion to N6.47 billion.

‚ÄúThe company also recorded a giant feat in its general reserves with retained earnings of N704 million from accumulated loss of N24 million recorded in 2016. In recognition of this performance, the company declared a cash dividend of 4 Kobo per share for the financial year.‚ÄĚ

Mr. Babalola said the company is stronger and liquid and will remain committed to meeting its obligations as they fall due.‚ÄĚ