Wapic Insurance Plc has recorded 135% growth in Profit After Tax (PBT) in its first quarter result for the period ended March 31, 2017, Nigerian NewsDirect had gathered through a statement.
The Group’s first quarter result showed that profit before tax (PBT) grew by 135%, from N163 million recorded in the first quarter of 2016 to N384 million in the period under review.
Similarly, the insurance company recorded significant growth across key performance indicators.
The Group’s Gross Written Premium (GWP) increased by 25% over the previous year’s figure of N3.022 billion, to N3. 771 billion, which it said signalled a departure from the erstwhile converse relationship between profitability and gross written premium in the company’s operations.
In the recent past, Wapic Insurance has had to pay out significant sums in the bid to set the institution free from legacy claims.
According to a statement from the company, the insurer also recorded a 23% growth in Net Underwriting Income, from N1159 million in 2016, to N1428 million recorded in 2017. In the same vein, Underwriting Profit rose by 19% to N426 million, from the N358 million posted for the corresponding period in 2016 to affirm the effectiveness of the Group’s operations.
“As Wapic Insurance continues its quest for leadership, operational efficiency; product innovation; channel utilisation and capacity building will remain the focal points of our agenda,” the Managing Director, Wapic Insurance, Yinka Adekoya said.
Commenting on the company’s first quarter result, she added: “Wapic Insurance has successfully settled legacy claims and is strategically positioned to compete in the sub-Saharan African insurance landscape. We are convinced that this positive trend in our profitability will continue, and will form the foundation of the transformation.”