The Law Union and Rock Insurance and Wapic Insurance, during the week ended November 30, demonstrated reflection of investors’ sustained confidence with remarkable growth in equity pricing and hinge turnover.
The two companies, part of insurance sector key drivers were the investors’ toast in the sector during the week, as Law union ranked 3rd among the top ten gainers for the week, while Wapic emerged as the second most traded stock on the floor of the Nigerian Stock Exchange (NSE), second only to Transcorp Nigeria Plc.
According to the NSE’s top ten gainers list for the week, Fidelity Bank led the gainers with 21.18 per cent or N0.36 to close the week at N2.06 per share, followed by Forte Oil with 14.98 per cent or N5.growth in equity pricing to close at N45, 99 per share, while Union and Rock Insurance, the 3rd best gainers for the week, appreciated by 14.75 per cent or N0.09, closing trade at per share,
Other to gainers for the week included, Caverton Offshore Support Services, Dangote Flourmills and Nigerian Aviation Handling Company (NAHcO). Others are Cement Company of Northern Nigeria, Cadbury, Diamond bank and Champion Breweries.
Law Union and Rock Insurance has sustained positive growth fundamentals which has attracted increased demand for its shares and invariably grown equity price reasonably in a short term period.
Underwriting firm, Law Union &Rock Insurance Plc is looking to 35 percent growth in gross premium written (GPR) in 2018, on back of easing recession and positive economic indices.
CEO Law Union and Rock Insurance Plc, Mr. Jide Orimolade recently disclosed the measures set out to boost earnings and grow retail business. “What makes an insurance company to report good bottom-line is the underwriting profit and investment income. We try to settle claims on time and also adjust our rate so that in terms of underwriting profit, we will be able to make substantial profit. Also, we continue to do our investments in a way that at the end of the year, we will be able to make appreciable income in the bottom-line,” he had said.
He further revealed about the commitment to grow “our retail business, by acquiring a software, which will help clients sit in the comfort of their homes and complete an insurance process”.
According to him, the only way an insurance company can advertise themselves is to settle claims on time. With the software, anybody involved in accident can take a picture of it, upload and send it to us. The claims adjusters will look at it and in a short while, you are settled from the comfort of your home. So that others who are trying to insure can say ‘yes, insurance is working.’
L-R: Business Executive, Commercial Banking, Sterling Bank Plc, Tunde Adeola; Executive Director, Retail and Consumer Banking, Grama Narasimhan; Managing Director/CEO, Yemi Adeola and Managing Director, Primero Transport Services Limited, Fola Tinubu, during the bank’s bus tour by the senior Executives in Lagos…Friday
Stories by Bonny Amadi