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Wapic, Oasis Insurance release full-year results

By on June 21, 2014

WAPIC Insurance Company Plc and Oasis Insurance Company Plc have released their audited financial accounts for the 2013 financial year.

Wapic Insurance’s consolidated financial statements for the year ended December 31, 2013, showed that the company grew its total assets by 98 per cent to N19.679bn from N9.935bn in 2012, while the group’s total assets rose by 75.9 per cent to N22.304bn from N12.679bn the previous year.

The results, which were posted on the website of the Nigerian Stock Exchange, however, showed that the group recorded a loss before tax of N629m in contrast to the N552.3m it declared as profit before tax in 2012, with the company posting a N209m for 2013 as against a PBT of N383.4m the previous year.

The financial statements, which were signed by the Chairman, Wapic Insurance, Mr. Aigboje Aig-Imoukhuede, and the Managing Director, Ashish Desai, also showed that while the company declared a profit after tax of N31.5m, a 86.9 per cent decline from its N241m PAT for 2012, the group posted a N208m loss after tax for the year under review.

Similarly, Wapic Insurance witnessed a decline in its gross premium written. The results indicated that the group’s gross written premium fell by 10 per cent from N4.178bn in 2012 to N3.760bn in 2013. The company, however, recorded a 6.6 per cent increase in gross written premium as the figure for 2013 stood at N2.380bn, while the figure for 2012 was N2.232bn.

The full-year results for Oasis Insurance, which were made public by the Exchange on Wednesday, indicated that the insurance firm, like its counterpart, witnessed a decline in premium, while posting a loss before and after tax.

Specifically, the results showed that Oasis Insurance’s gross premium declined by 22.5 per cent in 2013 to N1.243bn, from N1.605bn the previous year.

The company recorded a loss before tax of N60.6m in contrast to the N247.6m PBT it declared in 2012. It also went from recording a profit after tax of N230.9m in 2012 to posting a loss after tax of N71.8m in the year under review.

FBN Holdings Plc had announced earlier that it had finalised arrangements to acquire Oasis Insurance. FBN Holdings explained that it was making the takeover bid through FBN Life Assurance Limited, an insurance subsidiary of FBN Holdings.

At a ‘Facts behind the figure’ presentation at the NSE on Monday, the Group Chief Executive Officer, FBN Holdings, Mr. Bello Maccido, had explained that the acquisition of Oasis Insurance would enable the group to gain access to the general insurance segment of the market.

 

 

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