Wapic Insurance Posts N1.5bn Profit

Wapic Insurance Plc said it recorded a 161 per cent increase in its profit after tax (PAT) for the financial year ended December 31st 2017.

Addressing shareholders at the 59th Annual General Meeting of the company held in Lagos recently, the company’s Chairman, Aigboje Aig-Imoukhuede, said “Wapic Insurance has continued to maintain path of good financial performance through the growth of its post-tax profit to N1.5 billion, from N586 million recorded in the corresponding period last year.”

According the company’s results for the financial year under review, Wapic Insurance recorded growth across all business lines, leading to a total revenue of N13.6 billion and Gross Written Premium of N9.8 billion.

These represented an increase of 9.9 per cent and 22.5 per cent respectively, over figures recorded the same period in 2016.

Briefing the shareholders on the 2014-2019 corporate strategic plan designed to reposition Wapic Insurance, the chairman said the company recorded impressive feat on a number of projects and initiatives that would help affirm its position in the industry.

“In the areas of governance and strategy implementation, we have successfully concluded most initiatives”, said Aig-Imoukhuede, adding that “our digital transformation is the next game-changer that will sustain our quest to create value for shareholders and deliver excellent services and enjoyable experience to customers”.

According to him, under the strategic digital revolution, Wapic Insurance, acquired a new core operating system called ‘WapX’from Asseco, a leading information technology company in Poland. He said the highly-customised insurance application was configured to improve interactions with Wapic Insurance and reinforce the company’s status.

Also speaking , the company’s Managing Director , Yinka Adekoya assured shareholders of improved financial performance.

“Clearly, the coming year, with our investments in transformational information technology infrastructure, we will be more prosperous,” she said.

She also said the company was committed to service excellence as evidenced by its 13.3 per cent increase in paid claims, from N2.85 billion in 2015, to N3.2 billion in the previous financial year.

According to her, this attest to the company’s commitment to prompt and consistent payment of valid claims and signals its confidence restoration role in the Nigerian insurance landscape through a new service paradigm hinged on innovation, empathy and operational efficiency.