The Law Union and Rock Insurance Plc, on Tuesday said, it would develop more Insurance products to mitigate losses market women faced in the country.
The Managing Director and Chief Executive Officer (CEO) of the underwriting firm, Mr Ademayowa Adeduro, disclosed this at the company’s 2018 Annual General Meeting (AGM), in Lagos.
Law Union and Rock Insurance Plc was established in 1951 and has over 12,000 Nigerians as its shareholders.
Adeduro said that so many unexpected losses had forced many women out of businesses.
He, however, noted that the company was set to unroll more constructive products that would absorb shocks.
According to him, this will sustain and boost the economic performance of the women.
The company’s CEO further said the company would broaden the horizon of its financial institution, bancassurance and broker marketing.
“This will translate into two sub-units under financial institution and three sub-units under brokers,’’ he said.
The chairman of the company, Mr Remi Babalola, speaking on the company’s 2018 financial performance, said the company’s Gross Written Premium (GWP) rose by 6.79 per cent.
He said the GWP rose to N4.541 billion in 2018 financial year from N4.252 billion it recorded in 2017.
Babalola said the company looked forward to boosting its GPW in 2019 as more products would penetrate the market.
He said the company closed the year 2018 with a modest performance, including a more than 117 per cent increase in claims payment.
“The claims, payments increased astronomically by 117 per cent to N1.6 billion in the year under review from N 737 million it paid in 2017.
“We are pleased to become one of the top claim paying insurance companies as our claim paid per premium earned is one of the highest in Nigeria,’’ Babalola said
He, however, said that based on phenomenal increase in claims payments in the year under review, the company’s Profit after Tax (PaT) fell to N490 million in 2018 from N1.099 billion it recorded in 2017.
Dividend of two kobo per share was recommended by the company’s Board of Directors and subsequently approved by the shareholders at the AGM