Wapic Insurance Plc said it grew its Gross Premium Written by 42 per cent, having raked in N13.9 billion in its business outing for the year ended December 31st, 2018.
The company, however, recorded slide in its profit before tax which decreased significantly by 88 per cent to stand at N187 million.
Similarly, its profit after tax declined from N1,530,810 in 2017, to N351,193 in 2018.
Wapic Insurance Managing Director, Yinka Adekoya, in a statement on Audited financial statement of the company, explained that the decline in the company’s profit was as a result of drop in investment and other income as well as growth in underwriting and operating expenses for the period.
She said the company recorded 40 per cent growth in its underwriting profit, explaining that growth in both the company’s gross premium and underwriting profit were achieved due to some major accounts it was able to attract and enhanced underwriting capabilities.
During the year under review, underwriting profit of the company stood at N2.2 billion, showing 40 per cent growth, from the prior position.
Highlighting the performance of the subsidiaries, the Wapic Insurance boss said Wapic Life Assurance Limited had a four per cent year-on-year decrease in Gross Written Premium (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.”
On the company’s off shore branches, Adekoya, said Wapic Insurance Ltd, (Ghana), grew its Gross Premium Income by seven per cent, to N1.48 billion in 2018, from the N1.38 billion recorded in the prior year.
“Net claims incurred for the year was N351m, representing a 20% reduction from the 2017 year end figure of N441m”.
She noted that the subsidiary reversed its loss position of -N120m in 2017 to close with a profit before tax of N7m for the year.