Wapic plans better returns on investment to shareholders

 

Chairman of the company, Aigboje Imoukhuede

By Nike Popoola

Wapic Insurance Plc has assured its shareholders of better returns on their investment.

According to a statement obtained on Sunday, the Chairman of the company, Aigboje Imoukhuede, said the firm was maintaining its growth despite economic challenges.

While explaining the 2016 financial performance of the company, he said Wapic recorded growth across all business lines, leading to total revenue of N12.4bn and gross written premium of N8bn, representing an increase of 19 per cent and 13 per cent, respectively over the same period in 2015.

He said its gross premium income and net premium income were N7.58bn and N4.30bn, respectively, which amounted to 23.14 per cent and 8.80 per cent growth, respectively over the prior year.

According to him, its underwriting profit rose by 13 per cent to N4.94bn in 2016, compared to N4.37bn in 2015, attesting to the success of the company’s strategic focus on innovation, operational efficiency and marketing, which had positively impacted on its top-line and bottom-line.

In a strong affirmation of the company’s financial strength and risk-adjusted capitalisation, global ratings experts, A.M. Best in December 2016 adjusted Wapic’s financial strength rating to C++ (stable) and Issuer Credit Rating to b+ (stable).

The Coordinator, Emeritus of the Independent Shareholders Association of Nigeria, Sunny Nwosu, commended the company’s financial performance and enjoined its board and management to continue the trajectory of value delivery to shareholders.

The National Coordinator, Progressive Shareholders Association of Nigeria, Boniface Okezie, spoke on behalf of his constituents, acknowledging that Wapic had diligently pursued its promise of consistent payment of valid claims and applauded the strategic decision to proactively shore up its already strong capital position.