By Ngozi Onyeakusi– Law Union and Rock Insurance Plc. has gotten approval of the National Insurance Commission (NAICOM) for publication of its financial statement for year ended 31st December, 2019.
The approval was made known in letter from the commission signed by the Director, Inspectorate, NAICOM, Pius Agboola on behalf of the Ag Commissioner for Insurance, Thomas Sunday to the company.
The highlight of the financial statement showed that Law Union and Rock Insurance posted a gross premium income to the tune of N4.9 billion for the period.
Total assets as well recorded N12.1 billion while shareholder’s fund stood at N7.16 billion.
Gross premium written saw N4.8 billion while net claims expenses for the period recorded N1.2 billion.
According to Agboola, NAICOM granted approval to the Law Union and Rock after confirming that the firm met all statutory requirements. ” I am pleased to inform you that the commission has no objection to the publication of your audited financial statement for the year ended 31st December, 2019 as submitted. Approval is granted after confirmation that you have substantially complied with our regulatory requirements”, he stated.