Sep 20 (Lagos) - Law Union & Rock Insurance Plc ( LAWUNION) reported financial results for the first 6 months of 2012. Gross premium declined to N 2.02 billion in 2012 from N 2.30 billion in the same period of 2011. Fees and commission income increased by 43% to N 122 million in 2012 from N 85 million in 2011. Total revenue declined by 9.5% to N 1.71 billion in the first six months of 2012 from N 1.89 billion in the same period of 2011.
Gross claims paid increased by 108% to N 934 million in 2012 half year up from N 449 million in 2011. Net claims increased by 96% to N 576 million in 2012 half year.
LAWUNION reported a net loss of N 18.19 million for the first six months of 2012 down from profit of N 79.93 million in 2011. That's a negative earnings per share of 53 kobo as compared to N 2.33 for the period of first six months of respective years.
The results are disappointing for shareholders but going by last year's results, the performance of the company seems to pick up in the second half of the year. Shareholders will be hoping that the trend of 2011 continues into 2012 and beyond. Shares of LAWUNION are trading for 50 kobo per share and they have traded at these levels for quite some time now.
reporting for easykobo.com on Thursday, September 20 2012 from Lagos, Nigeria
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