Intercontinental Wapic settles N1.1bn claims

Intercontinental Wapic Insurance Plc has said that it settled claims totaling N1.1bn during the 2010 financial period.The Chairman of the company, Mr. Hyacinth Enuha, stated this during the companys 52nd Annual General Meeting ,in Lagos,on Thursday. He also said the company recorded a profit before tax of N269.29m during the year.He said, "Despite tough market conditions in the year under review, the company returned a profit before tax of N269.29m, over 200 per cent improvement on the pre-tax loss of N576.06m in 2009." According to him, the performance was driven largely by a deliberate diversification of revenue sources through the creation of new businesses. He said that this was responsible for a more robust balance sheet position necessary to guarantee sustainable levels of profitability and shareholders return.The chairman said, "We also worked relentlessly on cost reduction, elimination of inefficiency in our service delivery system and an innovative claims and premium collection system. I am happy to report that we gained considerable grounds in the market in 2010."
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