WAICA Reinsurance Corporation has reveled plans to give out $2.5 million dividend to investors, as the company grew its profit before tax for the financial year ended December 31, 2017, by 28 per cent.
The Chairman, of the company, Kofi Duffuor, who disclosed this at the fifth yearly general meeting in Lagos, ststed that in 2017 financial year, the corporation’s profit before tax rose from $6.2 million in 2016, to $ 7.9 million in the period under review.
He added that gross premium written rose to $62.1 million in 2017, compared with $49.2 million reported in the previous year, indicating an increase of 26 per cent.
Technical profit grew by 22 per cent 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, representing growth of 12 per cent.
Total income from operations rose by 24 per cent to $56 million in 2017, against $42.6 million achieved in 2016, while investment income rose to $2.4 million, compared with $1.6 million in 2016, showing an increase of 55 per cent.
The reinsurer’s total assets also improved, as it rose by 30 per cent to stand at $120 million in 2017, against the previous year’s record of $ 92.3 million.
Duffuor said The Gambia insurance market recorded the highest level of growth of 30 per cent in 2017, followed by Nigeria’s 19 per cent and Ghana’s 15 per cent.
He, however, said the corporation recorded a negative growth of 37 per cent and eight per cent in Sierra Leone and Liberia respectively, assuring that the board and management were working hard to improve performance in both countries in 2018.
He further said the significant market expansion programme embarked by the corporation over the years led to 47 per cent of premium income contribution by
Anglophone West Africa region, which is the corporation’s home market, while the rest of Africa, parts of Middle East and Asian market generated 53 per cent of the premium income in 2017.
He stated that further plans have been developed to tackle the growing outstanding debts, which include a credit controller being engaged specifically to monitor and recover the outstanding debts.