Wapic’s gross written premium increases by N13.9 billion
Wapic Insurance Plc has said the group’s gross written premium rose by 42 per cent to N13.9 billion in 2018 financial period, through enhanced underwriting capabilities.
According to the group, underwriting profit rose by 40 per cent to N2.2 billion in the period under review.
The group said its profit before tax however declined by 88 per cent to N187 million, which was negatively impacted by the drop in investment and other income, and the growth in underwriting and operating expenses for the period.
It added that its gross claims paid for the year rose by 30 per cent to N4.96 billion, while gross claims ratio was relatively flat year on year at 41 per cent in 2018, against 40 per cent in 2017.
Wapic Life Assurance Limited also had a four per cent year-on-year decrease in GWP to N1.97 billion from N2.05 billion in the prior year.
“Gross claims paid decreased slightly by one per cent to N1.25 billion in December 2018, compared to N1.26 billion in the corresponding period of 2017; underwriting profit had a commendable 370 per cent growth from the prior year’s position of N70 million to N330 million in 2018; Profit before tax recorded for the year was N24.8 million, the company said, in a statement by company, another subsidiary- Wapic Insurance (Ghana) Limited’s gross premium income grew by seven per cent to N1.48 billion in 2018, from N1.38 billion recorded in the prior year.
“Net claims incurred for the year was N351 million, representing a 20 per cent reduction from the 2017 year end figure of N441 million. The subsidiary reversed its loss position of -N120 million in 2017 to close with a profit before tax of N7million for the year,” it added.
The Managing Director, WAPIC Insurance Plc, Yinka Adekoya, said: “With a combination of an intensified underwriting capacity expansion, accelerated and focused execution of our business strategies and continuous efficiency improvement, we grew our Group GWP figures by an impressive 42 per cent year on year to close at N13.9 billion surpassing our annual growth rate target of 20 per cent.
“This positively influenced our underwriting profit position, which followed in the same stead with a 40 per cent annual growth rate to N2.15 billion from N1.54 billion in 2017. We expect that the disciplined execution of our growth strategy will continue to yield the desired dividends.”
“As we continue to position the company for long-term success, we trust that our ongoing digitisation efforts and best-in-class customer experience offerings will open up new opportunities, which we believe will ensure the continued creation of sustainable value to all our stakeholders.”