Law Union & Rock profit grows by 300%

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Law Union & Rock Insurance Plc said it recorded a 300% growth in profit before tax in the first half of 2015.

The firm said its PBT rose to N510.3m from the N127.4m it made in the corresponding period in 2014.

A statement from the firm on Thursday said its profits after tax rose also by 300% to N433.8m from N108.3m in corresponding period of last year.

The company said it achieved a gross premium written of N2.3bn by the end of June this year. It also disclosed that its gross premium income rose to N1.9bn in second quarter of this year from N1.7bn in the corresponding period of last year.

According to its unaudited financial statements as of end of June this year, the company investment income rose to N186.2m in the period under review from N164.9m in same period of last year.

Its general administrative expenses reduced to N498.7m from N523.8m, while its net benefits and claims declined to N282.6m in second quarter of this year to N415.2m in second quarter of last year.

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