18 June 2018
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 Wapic 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.

Babington-Ashaye Donates e-Library to  CIIN

The outgoing President of the Chartered Insurance Institute of Nigeria (CIIN), Funmi Babington-Ashaye, has set up an electronic -library for the institute.

Ashaye, who will soon bow out as 48th president of the institute, said the donation was part of her achievements in office among other innovations her regime brought to the institute which stands as the educational arm of the insurance industry.

The library, sitting on the third floor of the institute's head office on Lagos Street in Ebute-Meta, is equipped with facilities, comparable to what can be found in the library of other insurance institutes abroad.

Babington-Ashaye, who was speaking during the unveiling of the e-library said: "The coming on board of the library was a fulfillment of my vision to provide a conducive study center in the secretariat, where members can come in to do research, and deepen their knowledge."

"With experiences drawn from other professional institutes abroad including the CII UK, I feel accomplished that the Institute in Nigeria could boast of such a library of international standard.”

According to her, “It is my belief that our members will take advantage of this facility to enhance their knowledge and update their skills for the benefits of the entire insurance industry."

The CIIN under the watch of Babington-Ashaye recently completed the upgrade of the secretariat building, started about two years ago with the vision to provide the secretariat staff a decent and conducive environment to work.

Babington-Ashaye  had in her acceptance speech on  July 25th, 2017, when she assumed the presidency of the CIIN, noted that lack of awareness was the greatest challenge facing the profession and the industry.

"People lack knowledge about Insurance and it is importance in all human endeavours including business undertakings," she had said.

She said it was in fulfillment of the theme that she has kept herself busy with activities aimed at creating awareness and knowledge of insurance among Nigerians.

[Credit: This Day Live]