In a move to set pace for other insurance companies in Nigeria, Wapic Insurance Plc has set out plans to be among the top two insurance companies in the country by 2019.
Aigboje Aig-Imoukhuede, Chairman of the firm, stated this at the Company’s 56th Annual General Meeting (AGM) held in Lagos.
Aig-Imoukhuede, revealed that the implementation of the company’s five-year strategy will transform Wapic into a leading insurance company in the country.
While speaking on the company’s performance in the 2014 financial year ended, being the first year of implementation of its five-year plan, the Chairman noted that Wapic outperformed industry growth in Gross Written Premium (GWP) as it posted 40 per cent growth as against an industry average of 15 per cent.
“Equally, we have also improved our other financial indices as evidenced by our maiden A.M Best rating of B- , which makes us only the 3rd Nigerian insurer to achieve an international rating. We are therefore on the right track and we are making progress,” he said.
Aigboje Aig-Imoukhuede, also said that the firm made a change to its business model, culture and other facets of its operations, saying, it equally launched its new corporate identity in Nigeria, which resonated positively with customers and other stakeholders.
“We realigned our customer segmentation to deliver quality service to our clients across strategic business units and to reinforce our promise to serve our customers with excellence, empathy and expertise,” he added.
Stating that Wapic Insurance commissioned a new processing Centre for seamless treatment of retail requests, he added that its operational evolution has now positioned the company to consolidate its strategic objectives and the brand promise.
The company, according to him, grew its Profit after Tax (PAT) from a loss position in 2013 to N237 million in 2014, adding that Gross Written Premium grew by 38 per cent from N3.76 billion in 2013 to N5.2 billion in 2014.
“Solvency Ratio stood at 171 per cent which was significantly above the regulatory threshold of 100 per cent and remains one of the highest in the industry. Your company is now well positioned to deliver greater shareholder value in coming years given the significant changes in strategy, business focus and capacity,” he assured shareholders.
In the same vein, the Managing Director, Wapic Insurance Plc, Mr. Ashish Desai, said in 2014, the company launched its new brand identity as well as its new corporate logo, stating that this generated both positive commentary from across all stakeholder groups and equally created positive momentum for its business development efforts.
The group, he said, achieved a 38 per cent Year-on-Year (YoY) growth on Gross Written Premium (GWP), an increase in the group’s underwriting profit of 1,272 per cent and a return to profitability with a Profit After Tax(PAT) position of N236 million.
The firm recorded a 38 per cent premium growth as it increased to N5.204 billion in 2014 from N3.761 billion it reported in its 2013 financial year end.
Underwriting Expenses dropped by 31 per cent, an indication of enhanced level of efficiency in expenses management.
With a growing Shareholders Fund (up by 0.15 per cent at N14.2 billion in 2014) and one of the highest industry solvency ratio of 171 per cent, the company said it is being restructured for sustainable growth.
About N1.09 billion was paid on claims in 2014; a significant portion of these related to 2013 and 2014 transactions given that over 95 per cent of the company’s legacy claims had been addressed in 2013.