Law Union and Rock Insurance

pumping · #1 (**permalink**) 16th September 2007, 12:39 AM

Law Union and Rock declared N274 Million PAT UNAUDITED HALF-YEAR RESULT FOR THE PERIOD ENDED 30 JUNE 2007.
Current price is N3.68.
Can someone confirm the number of outstanding shares?

The figure I have is around 2.8 billion based on the last IPO but I don't know if it was fully subscribed...

Enjoy.

Pumping.

Survival2006 · #2 (**permalink**) 17th September 2007, 11:41 AM

Pumping I have a host of conflicting information regarding LAW Union outstanding shares, likely because of the dearth of accurate information on the last IPO subscription.

What I do have are these:

700million pre IPO
3.1billion post IPO

And it is said that the IPO was over-subscribed by about 135%, if that is true, the later figure of 3.1b may be close to their share outstanding. Anyways I have always used 3.5billion which puts me on a safer side of their PE ratio.

What I so much like about LAW Union is their strong IT connections. If they can improve on their branch network, it promises to be one great Insurance firm. What with their foreign partner!

pumping · #3 (**permalink**) 17th September 2007, 09:46 PM

Survival2006,

Thanks for this information. I can work with these figures too..

pumping · #4 (**permalink**) 16th October 2007, 10:25 PM

Survival2006,

I got a figure of 3.437B shares from a post by easimoni on Nairaland which makes you a genius of permutations....based on your choice of 3.5 billion shares...

Survival2006 · #5 (**permalink**) 17th October 2007, 12:05 PM

Quote:

Originally Posted by pumping

Survival2006,

I got a figure of 3.437B shares from a post by easimoni on Nairaland which makes you a genius of permutations....based on your choice of 3.5 billion shares...

And the good news! Law Union has come out with a 9-month result of N537m. Wish the price will lower to say N2.80-N3.00. With that a try would have been nice for a 6-9month profit taking. Their turn-over is equally fantastic, a little more than Niger's.

They have plans though to come to the market soon, also with MBA.

hispy99 · #6 (**permalink**) 26th May 2008, 08:54 AM

Law Union aims to exceed target

The Punch: Law Union aims to exceed target

billions · #7 (**permalink**) 12th June 2008, 08:32 AM

Pls is it safe to assume that law/union insurance has less than 3.5b shares outstanding?

My experience in Lasaco was not palatable as a result of using a wrong figure for d number of outstanding shares.

Thanks.

hispy99 · #8 (**permalink**) 12th June 2008, 08:57 AM

Quote:

Originally Posted by billions

Pls is it safe to assume that law/union insurance has less than 3.5b shares outstanding?

My experience in Lasaco was not palatable as a result of using a wrong figure for d number of outstanding shares.

Thanks.

I have 3.44B shares. Be careful with insurance companies though, the sector is a minefield (in terms of shocking you with shares outsanding) from what I have gathered by reading posts on our sister forum.

billions · #9 (**permalink**) 12th June 2008, 10:19 AM

Quote:

Originally Posted by hispy99

I have 3.44B shares. Be careful with insurance companies though, the sector is a minefield (in terms of shocking you with shares outsanding) from what I have gathered by reading posts on our sister forum.

Thx bro!

I just placed an order for a large number of units of IEI and law/union insurance....i hope i will not get my fingers burnt again.

One of my attractions to law/union is that i believe that there is a strong synergy bw banking and insurance...skye bank owns d company.

Well,...i decided to be greedy when others are fearful.I hope that greed will not kill me.Help me to say amen!

hispy99 · #10 (**permalink**) 12th June 2008, 10:33 AM

Quote:

Originally Posted by billions

Thx bro!

I just placed an order for a large number of units of IEI and law/union insurance....i hope i will not get my fingers burnt again.

One of my attractions to law/union is that i believe that there is a strong synergy bw banking and insurance...skye bank owns d company.

Well,...i decided to be greedy when others are fearful.I hope that greed will not kill me.Help me to say amen!

In fact, since we're all coming to chop in your big house, I will say it 3 times..AMEN, AMEN,AMEN

billions · #11 (**permalink**) 12th June 2008, 10:51 AM

Quote:

Originally Posted by hispy99

In fact, since we're all coming to chop in your big house, I will say it 3 times..AMEN, AMEN,AMEN

If i can make 25% profit on this, i will be in a position to entertain u and knightofdelta but i know that i cannot satisfy knightofdelta....his taste is too high.

Apache is always welcome bk his taste is the same with mine when i was 5yrs old...eba,amala,fufu,iyan,biscuit,sweet,etc!!!

Thx for the amens.

hispy99 · #12 (**permalink**) 12th June 2008, 11:32 AM

Quote:

Originally Posted by billions

If i can make 25% profit on this, i will be in a position to entertain u and knightofdelta but i know that i cannot satisfy knightofdelta....his taste is too high.

Apache is always welcome bk his taste is the same with mine when i was 5yrs old...eba,amala,fufu,iyan,biscuit,sweet,etc!!!

Thx for the amens.

Chei, Apache, defend yourself, or is it true?

When I land Lagos, I will stop by my local store and buy you plenty "Trebor" , "Tom-Tom" and "Bazooka Joe" (why did they stop making that gum sef?)

billions · #13 (**permalink**) 12th June 2008, 11:58 AM

Quote:

Originally Posted by hispy99

Chei, Apache, defend yourself, or is it true?

When I land Lagos, I will stop by my local store and buy you plenty "Trebor" , "Tom-Tom" and "Bazooka Joe" (why did they stop making that gum sef?)

Pls dont inform apache abt my comment o.I no think say he dey buy insurance stocks...so, he will never check this thread.
The stocks he dey buy NOW na costain,dangote sugar and beta glass.

billions · #14 (**permalink**) 13th June 2008, 10:16 AM

Pls, does anyone hv an idea of when skye bank acquired 51% of law union insurance plc or the effect of the acquisition on the 3.5b units of outstanding shares of the company?Thx.

billions · #15 (**permalink**) 23rd June 2008, 08:57 PM

There are indications that shareholders of Law Union & Rock Insurance plc are in for robust dividend pay out, for the financial year ended December 31 2007, if figures from the market are anything to go by.
Capital market sources said that Law Union is considering a dividend payout to reward its loyal and committed shareholders, who demonstrated confidence in the company in the past years.

Analysts attributed the planned dividend payout to the company’s impressive performance in all its financial indicators for the period under review. The analysts said though the company has not released its financial report for last financial year report obtained from the market indicated that the company’s gross premium may be up by more than 100 percent from the N1.25 billion gross premium recorded in the corresponding period of 2006. It also shows that the pre-tax profit was doubled as against the pervious year’s figure of N272.85 million recorded as at December 2006.

The report revealed that Law Union’s net premium income in the period under reference is likely to grow by more than 65 percent against the N1.02 billion recorded in the corresponding period of 2006.

Analysts said there is no doubt that Law Union would report improvement in all its health indicators, which is consistent with its performance recorded in the last four years.

The analysts said the improved outing of the company may not be unconnected with the bullish performance of Law Union & Rock in recent years to the process upgrade and overall re-engineering of the company which started in 2004. The company has posted impressive numbers following the implementation of the turnaround project.

Law Union during the year also kept to its policy of prompt response to valid claims from policyholders. The company’s claims settlement to policyholders rose by mere 17 per cent to N438.9 million as against N373 million posted in 2006 financial year, an indication that it has strong risk management profile.

Olumide Falohun, managing director and chief executive officer of the company had said that the claims payout of the firm was a demonstration of the company’s competence and good track in claims management.

Of the company’s total income, Motor accident contributed the largest amount to the pool followed by fire accident while miscellaneous accident and goods in transit came third and fourth respectively.

Analysts say with a capital base of more than N5 billion, Law Union & Rock is well positioned to play in the big league in the Nigerian insurance market. The company has stroked up alliances at home and abroad to position itself for bigger market challenges. It is one of the six Nigerian underwriters that recently formed the First Energy Insurance Consortium which was officially launched in Lagos on November 16 2007. The consortium is targeted at big insurable risks in the oil & gas sector.

Law Union & Rock Insurance is owned by Nigerian individual and institutional investors. The institutional investors include Skye Bank, Consolidated Discounts Limited, and Swede Control Intertek. Law Union & Rock is one of Nigeria’s oldest insurance firms. Over the years the company has developed a strong capability in engineering insurance, including oil & gas. By its relationship with Skye Bank, Law Union & Rock has evolved a plan to explore the mass market, using the bank’s huge branch network in the country as access points. The insurance firm is also expanding its network of branches throughout the country.