Law Union & Rock Q2 records 14% boost in opex to N1.03bn

Law Union and Rock Insurance plc has rekindled hope in its shareholders with growth growth opportunities recorded in its Q2 2017 second quarter 2017 result, even as its operating expenses soared by about 14 per cent.

The company’s unaudited financial statement for the period ended 30th June, 2017, recently released showed that total other operating and management expenses soared to N1, 033,533.18 billion, against N900, 730.82 million recorded in the Q2 period of 2016.

The company’s management expenses, according to the result, increased to N531, 485, 20m in Q2 2017, from N492, 352.06m in the Q2 2016 ended June 30th.

The Law Union and Rock Q2 result further showed that Gross Premium rose to N2, 158,335b, against N2, 371,397b in the second quarter 2016.

However, the company posted, as at 31 December, 2016, total revenue of N3, 935,578b.

According to the result, Net underwriting income dropped to N1, 346,444b in the second quarter 2017, compared to N1, 411,791b net underwriting income posted in Q2 2016. This, however, as at December 31, 2016, stood at N2, 881,717b. Underwriting profit dropped to N511, 622m, from N533, 696m in the 2016 Q2 period.

The result further showed that Profit for the period closed at N318,749m, while in the corresponding period of 2016, profit recorded in Q2 stood at N307,334 billion, as at 31 December, 2016, profit closed at N561,851m.

Reinsurance assets closed the period at N1, 099,803b from N1, 149,791b posted in the second quarter of 2016. As at 31 December, 2016, the company’s reinsurance assets stood at N1, 035,537b.

Law Union and Rock Insurance total assets as at 30th June, 2017 closed higher at N10,631,874b, compared with N8,996,290b in Q2 2016, its total assets at the close of the 2016 financial year stood at N8,580,8756 billion.

Out of the company’s total assets, the total equity closed the Q2 accounting period at N6, 060,846b, while in Q2 2016, total equity was N4, 785,344b. Total equity holding of the owners as at 31 December, 2016, stood at N5, 039,730b.

Total liabilities close the period at N4, 571,028b, from N4, 290,968b as at the end of second quarter 2016. Total liabilities closed 31 December, 2016, at N3, 541,146b.

Law Union and Rock Earnings per share dropped in Q2 2017 to 7.42 kobo, from 8.97 kobo posted in 2016 Q2.