The Managing Director of Wapic Insurance Plc, Yinka Adekoya has disclosed the totality of claims paid by the company between 2013 and 2017. The company, according to Adekoya, paid a total of N10.6 billion as claims.
Revealing how the company achieved the feat, Adekoya said the company’s management, through articulation of a strategic direction for the owners, has maintained a history of accomplishments in the financial services sector including banking.
“As a result of this effort, claims pay-out has risen progressively to N10.6 billion. Resolution of some outstanding and disputed claims became possible with a record sum of N2.13 billion paid as claims in 2013,” she added.
Adekoya further stressed that the company recorded progressive growth in paid claims, from N1.63 billion in 2015, N2.86 billion in 2016 to N3.06 billion in 2017.
However, Wapic Insurance Plc is yet to pay dividends for the 2017 financial year to its shareholders.
Aigboje Aig-Imoukhuede, Chairman, Wapic Insurance Plc, while speaking at the company’s 59th Annual General Meeting (AGM) in Lagos, noted that the decision not to pay dividends was due to signals from its Nigeria and Ghana operations on the likelihood of a rise in capital requirements.
The company has also released its financial statements for the period ended June 30, 2018.
Wapic Insurance Plc’s Gross Premium Income stood at N6.97 billion as against N5.90 billion in 2017. Profit before tax, however, dropped to N240 billion as against N519 billion in 2017. Profit after tax also dropped N62 billion as against N396 billion in 2017.
Wapic Insurance Plc is currently trading on the floor of the Nigerian Stock Exchange at N0.39.
About Wapic Insurance Plc
Founded in 1950, Wapic Insurance Plc is one of the leading West African full line insurance company, offering a diverse range of products and services covering life, general and special risk businesses. The company was listed on the NSE in 1998.
The company has two subsidiaries Wapic Life insurance and Wapic Insurance Ghana.
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