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Underwriters raise investors’ hopes as Q3 incomes hit 129%

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Determined to increase the shareholders confidence in the nation’s insurance industry, underwriting companies’ third quarter (Q3) results have been reassuring to investors of a better times ahead.
The Managing Director/Chief Executive Officer, WAPIC Insurance Plc, Yinka Adekoya, told The Guardian over the weekend that insurance, generally in the past years, has been very challenging for some companies.

Adekoya said the results, which is largely in line with growth expectations and strategic aspirations for the year, further reinforces sustainable business model and brand promise to deliver more to all stakeholders.

But specifically, she explained that the effective execution of strategies by her company, ensured strong top-line figures of ₦12.7 billion, a 26 percent growth from the previous year, on the back of sustained leadership status in some major accounts, attainment of increased share of wallet and enhanced underwriting capabilities.

According to her, the underwriting profit recorded a 78 per cent growth year on year to N2.45 billion, driven largely by a 45 per cent y/y growth in fees and commission income and a 29 percent year-on-year reduction in net claims expenses during the period.

“This positively influenced our profit before tax position, which grew at an impressive rate of 129 percent to N1.1 billion when compared to N475 million reported in September 2018.“The group total assets stood at N32.59 billion as against N30.36 billion, a percent increase at 7.35 percent.

“Going into the last quarter of the year, we will continue to deepen our insurance services into the commercial and SME space, thereby, further diversifying our market share and earnings base.“We will also further consolidate our retail momentum and drive for leadership status within the large corporate space,” he said.


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