Determined to increase the shareholders’ confidence in its business, Wapic Insurance has recorded 161 percent increase in Profit After Tax (PAT) for the financial year ended December 2017.
Addressing shareholders at the 59th Yearly General Meeting in Lagos, the company’s Chairman, Aigboje Aig-Imoukhuede, said: “Wapic Insurance has continued its run of superlative financial performance by impressively growing its post-tax profit to N1.5 billion from N586 million recorded in the corresponding period last year”.
According to him, results for the financial year under review, which was read before the shareholders, showed the company’s growth across all business lines, leading to a total revenue of N13.6 billion and Gross Written Premium of N9.8 billion.
These represent an increase of 9.9 percent and 22.5 percent respectively over figures recorded the same period in 2016. Amid encomiums, the company’s management briefed shareholders on the 2014-2019 corporate strategic plan designed to reposition the organization.
Remarkably, the company has recorded impressive feats on a number of projects and initiatives that will help affirm its industry leadership.“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”.Under the strategic digital revolution, Wapic Insurance acquired a new core operating system called ‘WapX’from Asseco, a leading information technology company in Poland.
The highly customised insurance application is configured to ensure that interactions with Wapic Insurance is most enjoyable and reinforces the company’s status as the most resourceful underwriter in the industry.
With the envisaged impact of ‘WapX’ on the insurance industry in Nigeria comparable to the effect online real-time systems had on the banking sector, shareholders of Wapic Insurance are assured of sustained superlative financial performance.
“Clearly, the coming year, with our investments in transformational information technology infrastructure, will be more prosperous” enthused Mrs. Adeyinka Adekoya, Wapic Insurance Managing Director and Chief Executive Officer, while commenting on the company’s commitment to service excellence evidenced by 13.3 percent increase in paid claims, from N2.85 billion in 2015 to N3.2 billion in the last financial year.
This attests 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.