Wapic Insurance Plc on Thursday reported a profit after tax of N1.297 billion for the year ended December 31, 2015. The performance showed an increase of 448 per cent as against N236 million posted in the 2014.
An analysis of the results showed that Wapic Insurance Plc recorded a gross premium written of N7.1 billion, up 36 per cent from N5.2 billion in 2014. Net premium income stood at N3.9 billion, showing an increase of 39 per cent from N2.8 billion in 2014.Net interest come 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.
The company explained that business experience some gains resulting from the on-going business model restructuring and transformation of the service channels embarked upon to reposition the group. These contributed to 36 per cent increase in the group’s gross profit.
The company added that the alteration in the business model impacted on the net premium income.
The Board of Directors of Wapic Insurance Plc recently announced the appointment of Mrs. Adeyinka Adekoya as the managing director/chief executive officer of the company.
The board also approved the appointment of Mr. Rantimi Ogunleye as the managing director of Wapic Life Assurance Limited.
The company in a statement stated that the National Insurance Commission (NAICOM) has approved the appointment.
Adekoya, the company said, is a fellow of the Chartered Insurance Institute of Nigeria (FCII) and an Associate of the Chartered Insurance Institute, London (ACII). Adekoya holds a B.Sc in Insurance and an MBA, both from the University of Lagos.
She has over 25years experience in the insurance industry, of which over 20years has been at senior management levels. Prior to her appointment, Adekoya was General Manager and Head, Institutional Business Development at Cornerstone Insurance Plc. She was also the Deputy General Manager, Technical at Law Union & Rock Insurance of Nigeria Plc.