Lagos, Nigeria - One of Nigeria's leading insurance companies, WAPIC Insurance Plc, plans to open a full fledged offshore subsidiary company in Ghana, as a way of extending its services to other clients in the sub-region, according to company chief executive Segun Balogun.
Balogun made the disclosure during the presentation of the company's "facts behind the figures" to stockbrokers and investors at the Nigerian Stock Exchange (NSE) here Friday.
WAPIC Insurance Plc is a subsidiary of Intercontinental Bank Plc, one of Nigeria's leading financial institutions.
It started operations in Nigeria about 50 years ago and got listed on the NSE in 1990.
A comparative analysis of the company's performance indicators point to improvements in all financial indicators.
WAPIC's total assets grew from 2.6 billion naira in 2006 to 11.7 billion naira this year, while shareholders funds also increased to 9.3 billion naira from just 1.01 billion naira.
Profit after tax for 2007 is 701 million naira, against 239.8 million naira last year.
However, its dividends per share suffered a loss from 17.5 naira in 2006 to 12.5 naira this year.
At the exchange floor Friday, WAPIC traded 1,692,728 shares valued at 11.8 million naira in 71 deals, with the share price at the close of transactions standing at 7 naira.
"We are currently re-engineering our business process. At the end of the exercise, WAPIC hopes to deploy world-class IT (Information Technology) software and accessories for real-time, on-line operations including branches connectivity,'' Balogun said.
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