Intercontinental Wapic Insurance Plc, has said that it total asset rose to N12.9bn in 2008, 6.6 per cent above of N12.1bn in 2007.
The Chairman of the company, Mr. Hyacinth Enuha, disclosed this during the companyâ€™s 50th annual general meeting in Lagos on Wednesday.
He said, â€œDespite the challenges in the economic environment, our consolidated balance sheet grew moderately due to cost effective measures introduced towards the end of the first quarter.â€
Enuha said that as a result of prior year tax over provision, and reversal of deferred tax, the company ended with a modest profit after tax of N181.5m.
The chairman pointed that it was the goal of the company to strengthen its enterprise risk management and build a new platform for its strategic implementation.
He said, â€œOur goal is to ensure company-wide risk management to enhance the quality of our risk assets, quicken our response time in meeting customersâ€™ needs, and strengthen our ability to respond to the vagaries of economic challenges without causing disruption to our operations.
He said that its corporate governance was well structured for good business practice and ensures compliance in all areas and at all levels of its business operations.
According to him, continuous exposure to international best practice, the highest standards of business ethics and business excellence was its strategic focus.
He noted that Intercontinental Wapic operates a group of companies within the larger Intercontinental Bank Group.
The subsidiaries, he explained are Intercontinental Life Assurance Limited and Intercontinental Wapic Insurance ( Ghana ) Limited which recently joined the stable in May 2009.
The chairman revealed that the company took a bold step in critical areas such as process re-engineering, information technology upgrade, new business model, enterprise risk management and human capital development.
He said, â€œIntercontinental Wapic is fully re-engineered with a mission to create wealth for its customers, clients and shareholders. We have fortified our risk management structure to improve on the quality of our risk assets and enhance corporate performance.
According to him, the company has increased its reinsurance capacity to be able to participate in major accounts and enhance its capacity to provide excellent insurance cover for oil and gas companies in the country.
The chairman noted that the insurance penetration in the country was still very low at nine per cent, a situation which revealed a general lack of awareness of insurance and the benefits offered by it.
Governments policies in the economy, particularly in downstream sector of the petroleum industry and the new petroleum Act, he added, are being awaited to increase insurance penetration in the country.