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Wapic Insurance PAT up 161% to N1.53bn

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nderwriting firm, Wapic Insurance Plc during the financial year ended 31st December 2017 recorded a Profit After Tax (PAT) of N1.53 as against N586.02 million, indicating a 161.2 percent increase. While the Profit Before Tax (PBT) during the same period rose 36 percent, moving from N1.193 billion in 2016 to N1.622 billion at the end of 2017.

Aigboje Aig-Imoukhuede, chairman of the Company who disclosed the performance of the Company during its 59th Annual General Meeting in Lagos said Wapic Insurance gross earnings rose 9.9 percent, from N12.39 billion in 2016 to N13.62 billion in the review year. This is as gross written premium appreciated 22.5 percent, from N8.01 billion in the previous year to N9.81 billion in 2017.

Aig-Imoukhuede said “In 2017 we grew our gross written premium by 23 percent exceeding our annual growth target of 20 percent.

According to him, claims incurred totaled N3.1billion in 2017 against N2.9 billion records in 2016 due to improved underwriting and risk selection.

“This positively impacted our Underwriting Profit which grew 304 percent from N381 million to N1.5 billion. We recorded a strong investment performance during the period, growing investment income 23 percent year on year despite a significant drop in the exchange rate gains which we enjoyed in 2016.”

He also noted that contributions from its associate company Coronation Merchant Bank Limited remained strong validating her investment strategy to strategically concentrate her equity investments in sectors which it understands and businesses with strong long-term growth prospects.

He further stated, “with proactive planning and astute timing, we continue to make the needed financial investments to support our growth plans whilst keeping a lid on expenses which grew 7 percent (less than the annual rate of inflation).

According to him, its Nigerian business comprising the  life and non-life franchise accounted for 87 percent of group revenue.

“We will intensify efforts to diversify our revenue base by strengthening our Ghana operations.”

Adeyinka Adekoya, managing director/CEO of the Company said in line with the Company’s vision to ‘transform and illuminate the insurance industry for the benefit of our customers and other stakeholders’, transformational leadership and sustainability remains Wapic’s core focus in 2018.

“The company aims to champion the course in sustainable insurance, in accordance with global best practice.”

Adekoya stated further that “business sustainability remains focal to our business, as Wapic recognises that customers are crucial to this, and therefore, will remain dedicated to ensuring customer satisfaction, leveraging on technology to create various touch points through which the company can interact with, listen to, understand and anticipate customer needs and go about providing solution in ways that guarantee premium customer fulfillment through a firm strategy  which ensures that Wapic becomes the ‘most enjoyable company’ to do business with.”

According to her,  consistent with the strategic intentions of becoming the employer choice, and as part of  the Company’s ongoing transformation agenda to sustain insurance leadership position in Sub-Sahara Africa, Wapic will continue to invest in human capital development as a means to attract, recruit and retain the best talent, as well as grow the most investment goals.

“We are prepared to take advantage of the opportunities   present in retail business to further our expansion, Adekoya said.

Modestus Anaesoronye

The post Wapic Insurance PAT up 161% to N1.53bn appeared first on BusinessDay : News you can trust.

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