Wapic Insurance Plc recorded a profit after tax of N1.297 billion for the 2015 financial year.
The Chairman of the company, Mr Aigboje Aig-Imoukhuede, made the announcement in Lagos on Tuesday.
He made the disclosure while presenting the company’s 2015 financial statement at the Annual General Meeting (AGM) of the company.
According to him, the company also recorded a gross premium of N7.1 billion during the period.
It said the N7.1 billion represented an increase of 36 per cent, compared to the N5.2 billion recorded in 2014 financial year.
“This performance also showed an increase of 448 per cent as against N236 million posted in the 2014,” he stated.
The chairman explained that net premium income stood at N3.9 billion, showing an increase of 39 per cent from the N2.8 billion recorded in 2014.
“Net interest rose by 64 per cent from N997 million to N1.6 billion, bringing underwriting profit to N1.477 billion as against N1.315 billion in 2014.
“Investment and other income rose by 59 per cent from N1.8 billion N2.8 billion, while operating expenses rose by 13 per cent from N3.074 billion to N3.468 billion.
“Consequently, profit before tax soared by 2,747 per cent from N58 million in 2014 to N1.667 billion, while profit after tax grew by 448 per cent to N1.297 billion, from N236 million in 2014.
He explained that the gains were as a result of on-going business model restructuring and transformation of the service channels embarked upon by the group.
“The alteration in the business model so much impacted on the premium income.
“A dividend of 3k per share is now being declared in the last eight years, this company has not been able to declare dividends.’’
He said the company initiated a comprehensive review of claims payment to ensure that by December 2015 all outstanding claims were paid to shareholders.
“This meant that Wapic was well ahead of the National Insurance Commission (NAICOM’s) directive for insurance companies to ensure the payment of all outstanding claims by September 2015,” he said.
Wapic in November, 2015 announced the appointment of Mrs Adeyinka Adekoya as the new Managing Director and Chief Executive Officer of the company.
According to reports Wapic was established in 1958 and listed on the Nigerian Stock Exchange in 1978.
