L-R: Patricia Fomba, Company Secretary, for WAICA Reinsurance Corporation Plc; Kofi Duffuor, Chairman, WAICA Reinsurance Corporation Plc; Abiola Ekundayo, Managing Director/CEO; Ekow Dadzie-Dennis, and Rotimi Fashola, both Directors, during the Corporation fifth annual general meeting in Lagos Tuesday
BY NKECHI NAECHE—-WAICA Re on Tuesday announced a growth of 28 percent profits in its profit before tax for the financial period ended 31, December, 2017.
The Chairman of the reinsurance firm, Kofi Duffuor disclosed this at the 5th annual general meeting held today in Lagos, Nigeria that in 2017 financial year the corporation’s PBT rose from $6.2 million dollars in 2016 to $ 7.9 million dollars in the period under review.
He added that gross Premim written rose to $62.1million dollars in 2017 when compared with $ 49.2 million dollars reported in the previous year of 2016; indicating an increase of 26 percent.
Technical profit grew by 22 percent to $ 18.9 million in 2017 from $15.5 million in 2016 while underwriting profit grew from $7.7 million in 2016 to $8.7 million in 2017, a growth of 12 percent.
Total income from operations rose by 24 percent to $56.0million dollars in 2017 when compared to $ 42.6 million dollars reported in 2016, while investment income grew to $ 2.4 millions dollars when compared to $ 1.6 million dollars in 2016; representing an increase of 55 percent.
The reinsurer’s total assets was not left out as it swing up by 30 percent to stand at $120million dollars in 2017 when compared to the previous year of 2016 when it recorded $ 92.3million dollars.
He also disclosed that The Gambia insurance market recorded the highest level of growth of 30 percent in 2017, followed by Nigeria 19 percent and Ghana 15 percent.
He however said the corporation recorded a negative growth of 37 percent and 8 percent in Sierra Leone and Liberia respectively, assuring that the board and management are working hard to improve on both countries performance in 2018.
He further said that the significant market expansion program embarked by the corporation over the years led to 47 percent of premium income contribution by Anglophone West Africa region which is the corporation home market while the rest of Africa , parts of Middle East and Asian market generated 53 percent of the corporation premium Income in 2017.
He noted that going forward strategies have been developed to tackle the growing outstanding debts which include a credit controlller being engaged specifically to monitor and recover the outstanding debts
Following its impressive performance the board of directors proposed a dividend of $0.0509 per share amounting to $ 2,5million dollars for the year 2017.
On enterprise Corporate Social Responsibility Policy Formulation and Implementation, he said: “We seek to make a better impact and impression in all operational regions through judicious contributions to profound social causes that will transform the lives of ordinary people, whilst also boosting the image and perception of our Company. In this regard, we intend to sponsor one student from each of our WAICA Countries to the West African Insurance Institute (WAII) in The Gambia in 2018 and the coming years with the view to developing insurance professionals in our home markets.
He added that “In consonance with our vision to develop a diversified insurance sector in the sub region and to help widen the economic and financial development of West Africa, we are sponsoring the harmonisation of insurance regulatory regime across the WAICA member countries. This when completed, would ensure same laws apply to the conduct of insurance and reinsurance business in the sub region.
He applauded the corporation cedants and brokers for their business patronage, noting that “they are the reason we exist”.