Law Union and Rock Insurance Plc has recorded 71.05 per cent decline in its profits for the financial year ended December 31, 2018.
The company profit after tax dropped by N647.114 million to N263.573 million from N910.707 million reported in the preceding year.
The full year result submitted to Nigerian Stock Exchange NSE showed that profit before tax went down to N490.088 million from N1.099 billion posted in the comparable period, representing a drop of N608.912 million or 55.41 per cent.
Gross premium written took upward trend increasing from N4.252 billion in 2017 to N4.541 billion.
Analysis of the company result showed that premium income rose to N4.508 billion at the end of December 2018 from N4.419 billion recorded in the comparative period of last year, net premium income also inched up to N2.925 billion from N2.616 billion achieved in the comparable period of last year while Reinsurance net premium expenses down from N1.805 billion to N1.583 billion.
Net benefits and claims grew to N1.600 billion from N737.219 million, fees and commission income dipped from N252.949 million to N234.199 million in the year under review, net understanding income also rose from N2.868 billion in the comparative period to N3.159 billion, under writing expenses down from N948.307 million to N921.009 million while underwriting expenses surged from N1.685 billing in 2017 to N2.521 billion.
Further analysis showed that financial assets grew to N3.890 billion from N3.121 billion, Reinsurance assets also went up to N1.507 billion in 2018 from N1.077 billion in the preceding year, Investment properties stood at N1.409 billion from N1.402 billion in the preceding year. Intangible assets down from N16.623 million from N13.399 million while total assets multiply from N10.031 billion in the comparable period to N11.213 billion.
The result showed that statutory deposits stood at N373.000 million while total liabilities grew to N4.840 billion from N3.566 billion in the previous year
