Wapic Insurance, Ikeja Hotel Hold AGMs This Week

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By Modupe Gbadeyanka

Two companies listed on the Nigerian Stock Exchange (NSE) will gather their respective shareholders this for their annual meetings.

The firms holding the Annual General Meetings (AGMs) are Wapic Insurance Plc and Ikeja Hotel Plc. The events are both slated for Lagos.

For Wapic Insurance, its shareholders’ gathering will take place at the company’s head office on 119, Awolowo Road, Ikoyi, Lagos and it begins at exactly 12 noon.

On its part, Ikeja Hotel will gather the company’s investors at the Sheraton Lagos Hotel, 30, Mobolaji Bank Anthony Way, Ikeja, Lagos by 10 am.

In its audited financial results for the year ended December 31, 2019, Wapic Insurance reported a 9 per cent growth in the gross written premium of N15.2 billion, paying N4.1 billion in gross claims for the year.

The underwriting profit grew to N2.9 billion from N2.1 billion the previous year.

However,  its profit before tax went down to N23.4 million from N187 million, while the profit after tax dropped to N214 million from N315 million, with the total assets growing by 1.3 per cent to N30.7 billion from N30.4 billion in 2018 and the shareholders’ funds at N18.5 billion compared with N17.1 billion in 2018.

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