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Wapic Insurance gross premium up 38% to N5.2 bn

By on May 5, 2015

A strategic restructuring targeted at re-positioning Wapic Insurance Group as a customer focused and result oriented institution is beginning to yield result, as the firm has returned to profitability growing its bottom-line to N237 million in 2014 from a loss position in 2013.

Its gross premium written also moved up by 38 percent, from N3.76 billion in 2013 to N5.20 billion in the review year, while the net premium income inched 11 percent to close at N2.95 billion as against N2.66 billion in 2013.

Underwriting profit moved up remarkably at 1426 percent from a loss position of N99.24 million to N1.32 billion in the previous year.

Aigboje Aig-Imoukhuede, chairman of the company who disclosed this during the 56th annual general meeting of the company held in Lagos, said the result was a reflection of the ongoing restructuring in the company, which going forward would enhance performance and increase shareholder value.

“Your company is now well positioned to deliver greater shareholder value in coming year given the significant changes in strategy, business and capacity,” he said.

I am confident that as we build the necessary competence and capacity within our workforce, who remain committed to Wapic’s vision and objectives, we will record much greater success in future, Aig-Imoukhuede said.

Ashish Desai, managing director, Wapic Insurance, said in spite of the economic and industry challenges, the company was exceptionally well positioned to strategically transform itself in the quest to achieve market leadership over the medium-term horizon.

“Together with our experienced and committed management and board of directors, the company will continue to build on the business capabilities to leverage the business opportunities that abound,” Desai said.

Showing commitment to its customers, Wapic in 2014 paid out claims amounting to N1.09 billion. The breakdown shows that group life insurance accounted for 30 percent, general accident portfolio 23 percent, oil and gas 20 percent and motor insurance 14 percent. This is as engineering, fire accounted for 5 percent each, while marine and aviation accounted for 2 percent and 1 percent, respectively. The company also in 2013 paid out N3 billion on claims, which included legacy funds.

 

[Business Day]