Wapic’s Gross Premium Rose By 29% in Q3

Wapic’s Gross Premium Rose By 29% in Q3

Wapic Insurance Plc, Nigeria’s leading insurance companies, in a statement from the firm said its gross written premium rose by 29 per cent to N10.1 billion in the third quarter of 2018.

The firm also said the group’s underwriting profit rose by seven per cent to N1.38 billion, while its gross claims paid rose by 21 per cent to N2.76 billion in the period under review.

It said its profit before tax declined by 50 per cent to N475 million, which was negatively impacted by the drop in investment and other income, and the growth in net claims expenses for the period.

The group added that its gross claims ratio decreased to 27 per cent as of September 18, against 29 per cent in the same period in 2017 and driven by improved year-on-year top line performance.

In the 2018 third quarter report, its subsidiary, Wapic Life Assurance Limited, recorded eight per cent growth in GWP to N1.5 billion from N1.4 billion.

Gross claims paid rose by 18 per cent to N836 million from N707 million; growth in claims paid and underwriting expenses further impacted the performance with an underwriting loss position of N51 million, while its investment income reduced by 32 per cent to N389 million from N581 million in the third quarter of 2017.

In the period under review, its subsidiary, Wapic Insurance Ghana Limited, grew its GWP position by 25 per cent year-on-year to N1.39 billion.

The subsidiary recorded a 57 per cent growth in underwriting profit to N287 million, with a PBT of N24 million from the loss position of N208 million recorded in the prior period.

Speaking on the results, the Managing Director, Wapic Insurance Plc, Yinka Adekoya, said following the approval of the Q3 financial statement, Wapic would hold an investor analyst call at its office on Thursday (today) to review the results with investors and financial analysts.

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