Wapic Insurance GPW Soars To N15.2billion, Set To Deploy Bancassurance Model

By Ngozi Onyeakusi– Wapic Insurance Plc. has recorded a Gross Premium Written to the tune of N15.2billion for the financial year ended 31st December, 2019.

This represents an increase of 9.42 per cent when compared with N 13.89billion posted in the comparable period of 2018.

Addressing shareholders through their representatives at the firms 61st Annual General Meeting (AGM) in Lagos, the Chairman, Wapic Insurance Plc., Mr. Mutiu Sunmonu noted, “Our shareholders have correctly observed that the Company’s Gross Premium Written increased by 9.42% from N 13.89billion in 2018 to N15.2billion in 2019”, he said
Speaking on recapitalization of the firm’s subsidiaries, he said
“Regarding the Rights Issue which was approved by Shareholders for the purpose of raising additional funds to be utilized in recapitalizing the Company’s Subsidiaries — Wapic Life Assurance Limited and Wapic Insurance (Ghana) Limited, we are pleased to report that the process was concluded, at the end of which a total of 366 Acceptances for 10,602,938,701 Ordinary Shares, valued at N4,029,116,897 and representing 67.91% of the Rights Offer was achieved.

In view of the fact that the targeted amount was not achieved, the Company is awaiting the approval of the Securities and Exchange Commission to vary the utilization and apply same solely for the purpose of recapitalizing Wapic Life Assurance”, he said.
According to him, in response to the enquiry regarding the impact of COVID-19 on the implementation of the Company’s Digital Transformation Strategy, he noted;
“In spite of the lockdown, we have received requisite regulatory approvals for the Bancassurance Model which is in the final stages of development. We hope to conclude and deploy the Bancassurance Model before the end of the 2020 Financial Year.
In spite of the lockdown, we have received requisite regulatory approvals for the Bancassurance Model which is in the final stages of development. We hope to conclude and deploy the Bancassurance Model before the end of the 2020 Financial Year”, he assured

Sunmonu who urged shareholders to support the resolution for the firms name change opined; “We have received enquiries from our Shareholders regarding the proposed change of name. We are mindful of the ties a number of shareholders have with our existing name, unfortunately our current name has become a constraint to realizing our company’s growth aspirations.
Shareholders will recall that the Company was established as a subsidiary of Provisional Insurance Company United Kingdom and the name WAPIC is an acronym for the West African Provisional Insurance Company, a relic of the Company’s colonial history. The new name Coronation Insurance Plc reflects our independence from that era and our aspirations to lead the transformation of Nigeria’s Insurance Industry”, he assured.

Speaking further, he pointed out Wapic Insurance offered its customers refunds on their motor insurance premiums as well as offered discounts to health workers on new policies to help cushion financial hardships associated with the COVID-19 pandemic adding that refund on motor insurance premiums was automatically offered to customers with active private comprehensive motor insurance policies (excluding commercial motor insurance and motorcycles) during the period of lockdown.

Also speaking at the meeting, the firms Managing Director, Mrs.Yinka Adekoya who spoke on the impact of COVID-19 on the company, said, “We are pleased to inform our shareholders that there has been minimal disruption to our business and operations as a result of proactive steps taken by the Company to implement its robust Business Continuity Plan which was triggered at the onset of the global pandemic.

Due to the need to observe safety precautions during this period of the COVID-19 pandemic, we have limited the attendance at this meeting to the maximum number permissible at social gatherings with a few representatives of shareholders here present”, she said.