The Chairman, Law Union and Rock Insurance Plc, Mrs. Adenike Adeniran, has said that the underwriting firm is fortifying its workforce in order to move the firm to the next level and meet the expectations of all stakeholders as it recorded a premium income of to N4.16 billion in 2014.
She stated this during the company’s 46th annual general meeting in Lagos recently.
Hear her: “we are fortifying our workforce by attracting good hands and through training and retraining,” she said.
Mrs. Adeniran said the future outlook of the insurance industry was bright and the company was determined not to be left behind in the scheme of things.
According to her, the board is confident that the new managing director and his team have the potential to take the company to the next level.
She said that the focus of the board had been handed over to the management team, which was to improve the top line while minimising the cost of doing business and return the company’s brand to its former glory.
Some highlights of the financial performance disclosed by the chairman showed that the gross premium for 2014 increased by 21 per cent to N4.16bn from N3.44bn in 2013; its shareholders value increased from N4.17bn in 2013 to N4.18bn in 2014; while its underwriting profit stood at N1.03bn in the period under review.
She said the regulatory system within the insurance industry had witnessed tremendous progress and this was expected to yield the desired result in ensuring that the insurance sector became stronger and better.
“Ethics, professionalism and corporate governance are improving in business conducts of various players in the industry,” she added.