The top underwriter in the country, Wapic Insurance Plc has assured its shareholders of better investment return as the firm growths keep tracks despite the economic situation that characterised the financial year ended December 2016.
This, was disclosed the Chairman of the company, Aigboje Imoukhuede, at the 58th Annual General Meeting in Lagos, according to him, for the its firm being one of the first insurance companies to complete and obtain regulatory approval for their yearly accounts. Wapic Life Assurance was the second company to receive regulatory approval for the 2016 Annual Accounts.
However, this is not just a testimony to the company’s positioning in comparison to competition, but it is also an indicator that suggests a stronger financial performance compared to its peers.
Aig-Imoukhuede, explained on the nuanced differences between the banking and insurance business models by highlighting the need for prudence in underwriting insurance risks with the consequent need to hold solid cash reserves.
According to him, review of the company’s results for the financial year ended December 2016 showed that Wapic recorded growth across all business lines, leading to a total revenue of N12.4 billion and Gross Written Premium of N8 billion which represents an increase of 19% and 13% respectively over the same period in 2015.