Wapic Insurance Plc has said its gross written premium rose by 29 per cent to N10.1bn in the third quarter of 2018.
A statement from the firm also said the group’s underwriting profit rose by seven per cent to N1.38bn, while its gross claims paid rose by 21 per cent to N2.76bn in the period under review. It said its profit before tax declined by 50 per cent to N475m, which was negatively impacted by the drop in investment and other income, and the growth in net claims expenses for the period. The group added that its gross claims ratio decreased to 27 per cent as of September 18, against 29 per cent in the same period in 2017 and driven by improved year-on-year top line performance. In the 2018 third quarter report, its subsidiary, Wapic Life Assurance Limited, recorded eight per cent growth in GWP to N1.5bn from N1.4bn. Gross claims paid rose by 18 per cent to N836m from N707m; growth in claims paid and underwriting expenses further impacted the performance with an underwriting loss position of N51m, while its investment income reduced by 32 per cent to N389m from N581m in the third quarter of 2017. Read More: