Wapic Insurance Plc has recorded impressive growth across key performance indicators for the period ended 31st March 2017.
The Group’s first quarter result showed that profit before tax (PBT) grew by 135 percent, from N163m recorded in 2016 to N384m in the period under review.
Similarly, the Group’s Gross Written Premium (GWP) increased by 25 percent over the previous year’s figure of N3,022m to N3,771m, which signals 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. This heralded Wapic’s emergence as a trusted customer experience leader, notwithstanding the resulting impact to profitability.
With the current trend, it is evident that the company has consolidated its position in the insurance industry as indicated by the efficiency of its business model, which has started creating the desired value for shareholders.
This is further buttressed by the 23 percent growth in Net Underwriting Income, from N1159m in 2016 to N1428m recorded in 2017. In the same vein, Underwriting Profit rose by 19 percent to N426m from the N358m 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 utilization and capacity building will remain the focal points of our agenda”, enthused Yinka Adekoya, managing director, Wapic Insurance Plc.
While commenting on the company’s first quarter result she stated that “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”.
