Wapic growth plan excites shareholders

Underwriting firm, Wapic Insurance Plc said it is committed to its growth plans that will ensure its shareholders enjoy maximum returns on investment in the near future.

Aigboje Imoukhuede, chairman of the company said while returns on investment of the banking industry should not be compared with that of the insurance business, insurance is a business of the future that will pay investors adequate returns.

Imoukhuede elaborated 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 percent and 13 percent respectively over the same period in 2015.

The shareholders who expressed their joy on the direction of the company including Sunny Nwosu, coordinator, Independent Shareholders Association of Nigeria (ISAN) and Boniface Okezie, national coordinator of the Progressive Shareholders Association of Nigeria (PSAN), in a united voice on behalf of their constituents, commended the company’s financial performance and enjoined its Board and Management to continue the trajectory of value delivery to shareholders.

They acknowledged that Wapic has diligently pursued its promise of consistent payment of valid claims and applauded the strategic decision to proactively shore-up its already strong capital position. In acknowledgment of the company’s strategic prudence, the shareholders, through their representatives, pledged their continued support for the Board and Management of Wapic Insurance.

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