Insurance Industry Reports, Insurance News in Nigeria

Wapic Insurance Profit Drops To N108 Million In Q3


Wapic Plc has presented a profit before tax of N108 million, down 36% or N170 million recorded in comparable period of September 2014.

However, the company recorded  gross written of N5.7 billion for the nine months ended September 30, 2015, showing a growth of 22 per cent above the   N4.660 billion  gross written by the company in the corresponding period in 2014.

Also, the company grew its underwriting profit  by 22 per cent  from N1.082  billion  in 2014 to N1.3 billion in 2015.

Similarly, its underwriting income increased by 37per cent.

According to the company, the decline was due to the current determination to focus on improving the customer experience; people development; ensuring operational alignment and restructuring to reposition itself as an industry leader.

The company during the period under review, said it paid a total claims of N1.0 billion, representing 114 per cent increase in the payout compared to  what was paid in the same period last year.

” Gross claims ratio improved closing at 17.2 per cent  in against 19.7 per cent  in Q3 2014. Solvency ratio of 147 per cent continues to be a benchmark in the industry where the regulatory threshold is 100 per cent. Ongoing foreign exchange headwinds in continue to dampen group earnings, ” the company stated.

Commenting on the results, Executive Director, Institutional Sales Division of the company, Bode Ojeniyi, said: “Our strategic investments in enhanced operational capabilities continued to deliver tangible results and put us in good stead going forward.

source: Thisday

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