Business
Law Union & Rock Insurance Full Year profit grows by 215%
Law Union and Rock Insurance Plc has declared a 215% growth in its profit for the year ended 31st December 2019 compared to the corresponding period of 2018.
The comprehensive details of the insurer’s financial performance in the period under review are contained in its Unaudited Financial Statement for the Year Ended 31st December 2019, posted on the website of the Nigerian Stock Exchange (NSE) on Thursday.
According to the firm, Gross Premium Written advanced from N4.541 billion at FY2018 to N4.829 billion at FY2019, signalling a 6.31% increase.
Profit Before Taxation (PBT) surged by 135.1% to N923.752 million at FY2019 from the N392.971 posted at FY2018.
This dramatic increase was largely buoyed by an expansive growth in the firm’s Fair Value Gains and Losses, which leapt from N4.135 million at FY2018 to N413.887 million in the relative period of 2019, representing a 9,909% growth.
Read also: MRS Oil posts 2nd straight year of loss
Profit for the Period rose by 215%, climbing from N263.593 million at FY2018 up to N830.714 million in the period under review.
Earnings Per Share (EPS) equally grew by 215% from 6.14k at FY2018 to 19.34k at FY2019.
A first generation insurance company, Law Union & Rock’s footprint on Nigerian soil dates back to almost 7 decades ago in 1951 as an arm of Royal International Insurance Holding, a UK leading company.
Its outstanding shares currently stand at 4,296,330,500 with a market capitalisation of N3.007 billion.
Law Union & Rock currently trade on the floor of the NSE at N0.71 per share.
Earnings Per Share is the profit that each unit of a company’s ordinary shares yields during a particular period. It is simply calculated by dividing the Profit After Tax by the company’s total outstanding shares. Increase in a company’s EPS often reflects an improvement in its bottom-line while a fall, on the other hand, indicates a declining profit.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...