LUR ral­lies mar­ket with div­i­dend pay­out as profit ex­ceeds N1 bil­lion

The Guardian (Nigeria) - - BUSINESS - By Bankole Orim­isan

DE­SPITE the eco­nomic head­winds that char­ac­terised the busi­ness en vi­ron­ment in the past year , an un­der­writ­ing firm, Law Union & Rock In­sur­ance Plc (LUR), at the end of 2017 fi­nan­cial year, recorded a Profit Be­fore Tax of N1.1 bil­lion.

This is a 66.8 per cent in­crease from the 2016 fig- ure of N658.64 mil­lion, while Profit Af­ter Tax also ap­pre­ci­ated by 62.1 per cent, mov­ing from N561.85 mil­lion in 2016 to N910.71 mil­lion at the end of the re­view pe­riod, un­der­scor­ing the ca­pa­bil­ity of the board and man­age­ment to en­hance share­hold­ers value.

With the profit, share­hold­ers of the com­pany will smile to the bank for a div­i­dend pay­out af­ter a long pe­riod of rein­vest­ment and plough­ing back of earn­ings for growth and ex­pan­sion.

Its earn­ings per share stood at 21 kobo, as against 16 kobo in the pre­vi­ous year, in­di­cat­ing in­crease in share­hold­ers’ value.

The com­pany, a ma­jor player in the na­tion’s in­sur- ance in­dus­try, pro­vid­ing risk man­age­ment ser­vices to dif­fer­ent sec­tors of the econ­omy, dur­ing the pe­riod under re­view, also recorded a gross premium in­come of N4.25 bil­lion, as against N3.9 bil­lion in 2016, show­ing an eight per cent in­crease.

In the firm’s full year au­dited re­sult, in­vest­ment and other in­come also ap­pre­ci­ated re­mark­ably to N912.5 mil­lion from N687.3 mil­lion in 2016. A fur­ther in­sight into the fi­nan­cials show a quan­tum growth in to­tal as­sets of the com­pany in 2017, which grew by 16.9 per­cent, from N8.58 bil­lion in 2016 to N10.03 bil­lion in the re­view year.

The com­pany also kept its own side of the con­tract with its team­ing cus­tomers, pay­ing claims and claims ex­penses of N1.4 bil­lion, as against N967.8 mil­lion in the past year. The pos­i­tive growth in all the in­dices in the re­view year has been at­trib­uted to man­age­ment’s ef­forts to in­crease mar­ket share and deepen pen­e­tra­tion, with the launch of sev­eral new prod­ucts.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.