Stakeholders expect higher margins as Law Union& Rock consolidates board

Shareholders of Law Union and Rock Insurance Plc have expressed expectations of increased net earnings from the company, as the firm strengthens its board for hyper performance.

Some of the shareholders, who spoke to Daily Times Nigeria, following the appointment of Mr. Olasupo Sogelola, the company’s new Executive Director, (operations/technical), said that Sogolola is expected to bring his wealth of experience in synergy with the board to further enhance the fortunes of the company.

Some of the shareholder who spoke on condition of anonymity, hoever said that with progressive trajectory of Law Union &Rock, it is expected it grows its second half PAT by about 5 per cent, surpassing its H1 result. “You know he came from FBN Insurance, one of the leading insurance companies in the country and a leading retail insurer, so we expect he will bring his experiences to bear”

Daily Times recalls the company’s Q2 2017 period ended 30th June, 2017, showed that revenue grew by 16.58 per cent to N2.76 billion, from N2.4bn. Profit before tax (PBT) grew by 3.71 per cent to N375 million, from N361,570 m posted in the corresponding period of 2016.

However, its profit for the year also rose by 3.71 per cent to close the Q2 accounting period at N318, 849 m, against N307, 334m in the same period of 2016.
Recently, Law Union and Rock Insurance announced the appointment of Mr. Olasupo Sogelola as an Executive Director (Operations/Technical), the appointment, the company said, has been approved by the National Insurance Commission (NAICOM).
Sogelola’s experience in the insurance industry spanned over two decades, having commenced career in insurance in 1992 as a reinsurance Underwriter with Guinea Insurance.

In 2010, he joined FBN Insurance Limited (Subsidiary of First Bank & Sanlam of South Africa) as the Head, Corporate Division, where he rose to the position of Head, Brokers & Public Sector. Due to his leadership skills, Olasupo acted as the Managing Director of FBN Insurance Limited, from December 2015 — April, 2016.

L-R: Director, Membership Services, Nigerian Employers Consultative Association (NECA), Mr. Timothy Olawale; President, Mr. Larry Ettah; Second Vice President, Mr. Terry Wilson and Treasurer, Mr. Taiwo Adeniyi, during a press conference on the state of the nation’s economy in Lagos…on Thursday

Stories by Bonny Amadi