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Published On: Sun, Jun 15th, 2014

Law Union records N3.7bn premium

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Law Union and Rock Insurance Plc. has recorded a Premium Earned of N3.7 billion for the financial year, ended 31st December, 2013 against a 2012 figure of N4 billion.

According to financial statement submitted to the Nigeria Stock Exchange, the firm equally recorded a Profit After Taxation of N 485.5 million against of loss after tax of N1.3 billion written in the comparable period of 2012.

In the vein, the company in its three month period ended 31st March, 2014 achieved a Gross Premium Earned of N1 billion against N900.4 million recorded in the period of 2013 while its (Loss)/Profit After

Taxation stood at N193.6 million within the period under review compare to N52.8 million recorded in 2013.

The firm recently launched new e-payment platform for policyholders in a bid to drive customers’ satisfaction and enhanced confidence in its service delivery.

The new payment modes, according to the company would enable clients pay easily and avoid the rigors previously associated with premium payments.

The firm also said that existing and new customers could buy insurance through the company’s e-commerce website, adding that this payment mode is termed Web-pay.hen follow through with the instructions.

The modes, Pay-direct (in any bank branch), Quick teller (Interswitch), Point of Sale (POS) Terminals as well as Web-pay adding while Pay-direct offers a customer the chance to complete an insurance

transaction in any bank nationwide, Quick-teller on the other hand operates on a simple, easy-to-do step by step procedure that is self-explanatory.

Customers, it was said, can visit the website where details are keyed in and the payment mode, it added, was for customers with existing policies.

In line with the cashless economy in operation in the country, the firm said POS terminals would be placed in all its retail outlets nationwide.

This, it added, would cater for both new and existing businesses.

Law Union and Rock Insurance Plc provides non-life insurance policies in Nigeria. Its products include professional indemnity, goods in transit, money, fidelity guarantee, general third party liability,

fire and extraneous perils, motor, burglary, engineering, householder and house owners comprehensive, bond, personal accident, contractors all risks, workmen’s compensation, and marine insurance policies. The company was founded in 1951 and is headquartered in Lagos, Nigeria.

 

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