Wapic posts N10.1 billion premium in Q3

Wapic Insurance Group has posted a gross written premium of N10.1billion in its nine-month operations, representing 29 per cent rise over N7.8 billion achieved in the corresponding period of 2017.

A statement from the firm showed that the group’s underwriting profit rose by seven per cent to N1.38 billion, while gross claims paid rose by 21 per cent to N2.76 billion during the period under review.

According to the company, its profit before tax declined by 50 per cent to N475 million due to the drop in investment, other income and growth in net claims expenses for the period.

The group’s gross claim ratio decreased to 27 per cent as of September 18, against 29 per cent in the same period in 2017, which according to the company, was due to improved year-on-year topline performance.
 
The Managing Director of WAPIC Insurance Plc, Yinka Adekoya, said: “Our nine months’ financial performance is reflective of the focused implementation of our growth objectives across all business lines. The group’s gross written premiums for the period significantly outperformed industry averages.
 
“Underwriting profit also followed in the same stead at seven per cent year-on-year increase to N1.4 billion from N1.3 billion in 2017. This is indicative of the disciplined execution of our growth strategy.
 
“Our ongoing digitisation efforts and first-in-class customer experience offering will open up new opportunities which we believe will ensure the continued creation of sustainable value to all our stakeholders”.

Wapic Insurance is a front line West African multi-line insurance company providing solutions covering life, general and special risks.Established in 1958 and listed on the Nigerian Stock Exchange since 1990, Wapic’s mission is to transform into a diversified financial services institution, delivering value in a sustainable manner to her customers.

stakeholders while playing a lead role in the transformation of the industry.With headquarters in Lagos, Nigeria, Wapic is organised into two core business segments, General and Life Insurance.