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Wapic Insurance grows GWP by 9%

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By Rosemary Onuoha

Insurance grows

Wapic Insurance Plc has recorded a nine percent growth in Gross Written Premium, GWP, for the 2019 financial year at N15.2 billion.

This is against N13.9 billion recorded in 2018, according to its recently released    2019 financial results.

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Commenting on the results, Yinka Adekoya, Managing Director, Wapic Insurance Plc., said: “Wapic delivered a commendable performance in the financial year 2019 despite a sluggish macroeconomic and business landscape which didn’t pick up until the latter part of the year. With    a    combination    of    an    intensified    underwriting    capacity    expansion, and    the  focused execution of our business plans, the Group’s GWP for the period grew by nine percent year-on-year to close at N15.2 billion surpassing the average Nigerian insurance market growth rate. Positive improvements were recorded in the Group’s underwriting profit position for the period, which grew to N2.9bn, a commendable 37 percent year-on-year growth from the N2.1bn recorded in the preceding period of 2018. The Group also recorded a Profit before Tax of N23.4m from N187m and a Profit after Tax of N214m from N315m recorded in the previous year. Our total assets grew by 1.3% to N30.7bn from N30.4bn in 2018. Our shareholders’ funds stood at 18.5bn for the period from N17.1bn in 2018.”

Adekoya stated that  year 2019   was   a challenging   year for the   company, adding: “We   were   only able to   achieve marginal    growth    in    our    Gross    Written    Premium, however,    we    expect    that    the    disciplined execution of our   transformation   projects and   other   growth strategies will   begin   to   yield the desired    results    from    2020.    We    will    continue    to    deliver    best-in-class    customer    experience offerings and the creation of sustainable value to all our stakeholders”.

 

Meanwhile Wapic Insurance said that it will hold a teleconference call for investors and analysts    on   Thursday,    May    28,    2020    at    2pm    Lagos   Time   with    its    senior    management,   to announce the audited financial results for the year ended December 31st, 2019 and highlights of the unaudited Q1 2020 results. There will be an opportunity at the end of the call for management to take questions from investors and analysts.

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