The Managing Director, Law Union & Rock Insurance Plc, Jide Orimolade, has reiterated the company’s resolve to get to the top.
He said this in Lagos at a media parley to sensitise the general public on the company’s performance in the last nine months.
According to him, “We can see that the company is on a growth and better path, although we have not reach our goal, but continuous improved result shows we are going to get there.
“Some business analyst and media houses have beamed their research light on our performance and they also confirm this. We will not relent in this course of getting to that pinnacle,” he said.
On the company’s performance in the last nine month of 2017, he said the company has paid over N1.25 billion claims, stressing that the firm has reviewed its claims processes to ensure that claims payment is done within a short time and that there are efforts to digitalize claims payment process.
He said the firm’s gross premium written for 2017 stands at N3.51 billion as against N3.19 billion in 2016. Investment income, N611.86 million; profit before tax, N727.87 million; retailed earning N470.56 million; shareholders’ fund, N6.22 billion and total assets, N10.36 billion.
LUR boss said the firm has in recent times won some awards, which are: Global Most Trusted Company in Quality Insurance for the Year 2017 and CEOs Today 2017 in Africa.
“You will all agree with me that one of the ways of measuring company brand visibility is through public recognition and award.
“Part of our corporate objective is to create niche for ourselves in the industry. We are not unmindful of the competition which is characterised with price war in the industry, but we believe we could navigate through by differentiation and best service deliver “It is on this onerous focus that we have been giving our best to our esteemed customers,” he said.
On prospects for 2018, he noted that Federal Government’s budget proposal of N8.612 trillion with an improvement on capital expenditure which is 30.8 per cent, would really impact insurance business.
He also stressed that insurance operators expect that the on-going partnership between insurance industry and State Government midwife by the National Insurance Commission (NAICOM) to grow the income from the compulsory insurance policies, would impact the sector positively.
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