Law Union & Rock Insurance 2019 audited account gets NAICOM approval

Mr. Mayowa Adeduro, MD/CEO, Law Union & Rock Insurance Plc

*Posts N4.928 Gross Premium Written in 2019

The National Insurance Commission (NAICOM) has given approval for the Law Union & Rock Insurance Plc audited financial statements for the year ended December 31, 2019.

The Commission conveyed the approval in a letter dated March 27, 2020, addressed to the Managing Director of the insurance firm, entitled “Approval for Publication of Year 2029 Audited Financial Statements.

The letter signed by the Director, Inspectorate, Mr. Barineka Thompson for the Acting Commissioner for Insurance, Mr. Sunday Thomas read: “I am pleased to inform you that the Commission has no objection to the publication of your audited financial statement for the year ended ‪December 31, 2029‬ as submitted.

“Approval is hereby granted after a confirmation that you have substantially complied with our regulatory requirements…”

Highlights of the company’s 2019 audited account as approved by NAICOM showed that the company posted a total assets of N12.149 billion, higher than N11.213 billion recorded in 2018; total liabilities – N4.994 billion, up from 4.840 billion posted in 2018; Shareholders’ Fund – N7.154 billion; higher than N6.372 billion figures approved for 2018; Insurance Contract Liabilities – N3.625 billion higher than N3.357 billion recorded in the previous year.

The company’s audited figures for gross premium written for the review period rose to N4.928 billion higher than N4.541 billion posted in 2018; gross premium income N4.924 billion higher than N4.508 billion figures approved for the previous year; total claims paid N1.283 billion lower than N1.600 billion paid during the same period in 2018; underwriting expenses N1.333 billion higher than N921.009 million recorded in 2018, and underwriting result N982.853 million, higher than N638.156 million posted during the corresponding period of 2018.

Other audited figures approved by NAICOM are Net operating income – N935.341 million; management expenses – N1.357 billion; profit after taxation (PAT) – N802.776 million and solvency margin – N6.184 billion higher than N490.088 million, N1.270 billion, N263.593 million and N5.068 billion respectively recorded in 2018.

The Managing Director/Chief Executive Officer of the company, Mr. Ademayowa Adeduro, while commenting on the development, commended NAICOM for the approval, adding that the company will continue to comply with relevant regulatory directives and good corporate governance practice.