By Rosemary Onuoha
Wapic Insurance Plc said it recorded eight percent growth in Gross Written Premium of N9.3 billion for the half-year ended 30th June 2020 9 (H1’2020) from the N8.7 billion recorded in the corresponding period of 2019 (H1’19).
The company disclosed this in its audited financial statements for half year ended June 30, 2020.
Wapic Insurance said that it sustained consistent growth in premium by the attainment of leadership status on some major accounts and enhanced underwriting capabilities.
The Group’s total underwriting profit grew by 58 percent to N1.99 billion in 2020 from N1.26 billion recorded in H1’19.
The Group closed with a profit before tax of N825 million representing a growth of 106 percent.
Commenting on the results, Managing Director of Wapic Insurance, Mrs. Yinka Adekoya, said: “The Nigerian economy was on lockdown for a major part of the second quarter of this year, following the emergence of the novel COVID-19 pandemic that disrupted business activities both globally and locally.
“Notwithstanding, the company delivered a commendable performance in the first half of 2020 despite the prevailing conditions in the economy that may have impacted sign-on of new business, renewal rate, installment payment of premium.
“Following the expected impact of the pandemic on business operations, the company activated its business continuity plan to effectively guard against business disruptions.
“With this, along with an intensified underwriting capacity, the Group grew its premium position for the period by eight percent.
“We remain relentless in our GWP growth drive this year in line with our revised growth expectations following the impact of the global pandemic on insurance operations.
“With the success of our digital transformation, we would constructively harness the opportunities that abound during this period with the aid of technology.”