By Ebere Nwoji
Wapic Insurance Plc has announced its unaudited financial results for the period ended 30th September 2018.
The results showed that the company’s Gross Written Premium for the period stood at N10.1 billion, representing a growth of 29 per cent, compared the amount recorded same period in 2017.
However, its profit before Tax (PBT) declined by 50 per cent to close at N475 million.
The company, in its group financial performance for the period said it made an underwriting profit of N1.38 billion, showing a seven per cent growth from the prior period.
The company explained that this was as a result of drop in investment and other income, and the growth in net claims expenses for the period.
It said Gross Claims paid during the period stood at N2.76 billion, showing a 21 per cent increase, as against the amount recorded in 2017.
Gross claims ratio decreased to 27 per cent as at September 2018, as against the 29 per cent recorded in same period in 2017,
Wapic Life Assurance Limited, a subsidiary of the company, recorded eight per cent increase in its Group Written Premium (GWP) for the period, to N1.5 billion from N1.4 billion recorded same period in the 2017.
Announcing other performances of the subsidiary, the Managing Director Wapic Insurance, Yinka Adekoya said: “Gross Claims paid increased by 18 per cent to N836 million in September 2018, compared to N707 million in the corresponding period of 2017.
“Growth in claims paid and underwriting expenses further impacted the performance with an underwriting loss position of N51 million.
“Investment income reduced by 32 per cent to N389 million, as against N581 million in the third quarter of 2017.”
Adekoya disclosed that another subsidiary of the company, Wapic Insurance Ghana, grew its Gross Written Position by 25 per cent year-on-year, to N1.39 billion, compared to the same period in 2017. “Wapic Ghana continued with its impressive performance stead to record an underwriting profit of N287 million, representing a 57 per cent increase from September 2017.”