Wapic Insurance Plc’s profit after tax rose by 161 per cent in the 2017 financial period.
The Chairman of the company, Aigboje Aig-Imoukhuede, disclosed this during the firm’s 59th Annual General Meeting in Lagos.
“Wapic Insurance has continued its run of superlative financial performance by impressively growing its post-tax profit to N1.5bn from N586m recorded in the corresponding period last year,” he said.
He said Wapic Insurance recorded growth across all business lines, leading to an increase in total revenue by 9.9 per cent to N13.6bn and a rise in gross written premium by 22.5 per cent from the 2016 financial period.
While briefing the shareholders on the 2014-2019 corporate strategic plan designed to reposition the organisation, he said the company recorded impressive feats on projects and initiatives that would help affirm its industry leadership.
He said, “In the areas of governance and strategic implementation, we have successfully concluded most initiatives. Our digital transformation is the next game-changer that will sustain our quest to create value for shareholders and deliver excellent services and enjoyable experience to customers.”
Under the strategic digital revolution, he said Wapic Insurance acquired a new core operating system — ‘WapX’ — from Asseco, a leading Information Technology company in Poland.
The highly-customised insurance application, he noted, was configured to ensure that interactions with Wapic Insurance was most enjoyable and reinforced the company’s status as a resourceful underwriter in the industry.