Wapic Insurance to hold conference on H2 performance

Wapic Insurance Nigeria Plc will hold a teleconference call for investors and analysts on  Thursday in Lagos, London and Johannesburg, as well as New York with its senior management, to announce its unaudited financial results for the period ended 30th June, 2018.

The company has maintained an efficient underwriting capacity as it continues to make an inroad into the Nigerian insurance market.

For the first six months through June 2018, Wapic Insurance’s underwriting profit surged by 112.19 percent to N1.32 billion from N622.08 million the previous year.

The growth in underwriting profit was largely driven by improvement in revenue as the firm continues to surmount the heads.

Gross premium written (GPW) and gross premium income (GPI) increased by 18.16 percent and 19.52 percent to N6.96 billion and N5.45 billion in the period under review from N5.89 billion and N4.57 billion as at June 2017.

Net premium income followed the same growth trajectory as it increased by 43.26 percent to N3.96 billion in June 2018 as against N2.76 billion as at June 2017.

A breakdown of Gross premium written (GPW) shows the revenue from Motor insurance grew by 68.68 percent to N1.19 billion while the Nigerian insurer generated N1.07 billion from individual life business.

Wapic Insurance’s good underwriting is a major driver of combined ratios.

Combined ratio fell to 49.49 percent in June 2018 from 65.29 percent the previous year.

The combined ratio is calculated by taking the sum of incurred losses and expenses and then dividing them by earned premium.