By Rosemary Onuoha
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.
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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