WAPIC Records 22% Gross Premium growth in Q3'15 Results

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Tuesday, November 03, 2015 05:03PM / Press Release/ Wapic Insurance Plc

 
WAPIC Insurance Plc, the multi-line insurance company with headquarters in Nigeria announces its unaudited financial results for the period ended 30 September 2015.


2015 – Investing Today For Future Growth



Financial Performance Highlights

·         Gross Written Premium of N5.7bn up by 22% against Q3 2014.

·         Underwriting Profit increased by 22% to N1.3bn driven mainly by an increase in underwriting income of 37%

·         36% drop in Profit before Tax (PBT) to close at N108m due to the ongoing investment in focusing on improving the customer experience; people development; ensuring operational alignment and restructuring to reposition as an industry leader.

·         N1.0bn paid out as Claims; a 114%increase in the payout compared to Q3 2014

·         Gross claims ratio improved closing at 17.2% in Q3 2015 against 19.7% in Q3 2014.

·      Solvency Ratio of 147% continues to be a benchmark in the industry where the regulatory threshold is 100%

·         Ongoing FX headwinds in Ghana continue to dampen Group earnings.

·         Risk Rating: AM Best financial strength rating (FSR):B-;Issuer Credit Rating (ICR):BB-

 

Subsidiaries 

Wapic Life Assurance Ltd

·         81% increase in Gross Written Premium to close at N994.2m in Q3 2015.

·         Underwriting Profit increased by 81% to N667.4m in Q3 2015 vs. N369.3m in the corresponding period of 2014.

·         1,885% increase in Profit before Tax (PBT) to close at N122m in Q3 2015.

·         Claims increased marginally by 3% to N235.7m in Q3 2015.

 

Wapic Insurance Ghana Ltd

·         Gross Written Premium of N512.7m, down by 16% in Q3 2015.

·         Underwriting Profit reduced by 64% to N104.5m in Q3 2015.

·         Profit before Tax (PBT) of N17.9m representing a 77% decline from Q3 2014.

·         N250.3m paid in claims; representing a 68% increase from Q3 2014.

 

Commenting on the results today at the Company’s headquarters in Lagos, Bode Ojeniyi, Executive Director (Institutional Sales Division) WAPIC Insurance Plc., said:


“Our strategic investments in enhanced operational capabilities continued to deliver tangible results and put us in good stead going forward. In a slowing economy faced with headwinds, Gross Written Premium for Q3 2015 grew by 22% over the corresponding period in 2014 to N5.7bn with Net Underwriting Income tracking northwards with an increase of 22% to N3.3bn against Q3 2014.

 

Significant investments continue to be made in ensuring that operational efficiencies, brand recognition and risk management are embedded at the core of the business. This led to a 36% decline in Profit Before Tax to N108m compared against Q3 2014. We expect that as we go into the last quarter of the year and even into 2016, these investments should start to impact the bottom line positively ".

 

Group Financial Highlights




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