Wapic Insurance PLC has released what can be described as the best quarter three result in the insurance category.
The company grew its net profit by by 6,984% year on year. Last year the company reported a dismal NGN14 million, this year, last quarter, the company recorded a total of NGN1,0 billion.
Gross premium written rose to NGN1,9 billion. Last year, even when its net profit was about NGN14 million, the company recorded a total of NGN1,6 billion.
Naira devaluation has also increased reinsurance expenses for Wapic. Reinsurance expenses rose to NGN905 million compared to NGN495 million.
Total asset at the end of the period rose to NGN27,1 billion from NGN23,6 billion recorded last year. Liabilities of Wapic has also grown significantly. Total liabilities stood at NGN10,7 billion compared to NGN8,7 billion recorded last year.
Wapic Insurance Plc (“Wapic” or ‘‘the Company”) together with its subsidiaries (collectively “the Group”) is a public liability company domiciled in Nigeria with operations in Nigeria and Ghana.
Wapic Insurance Plc was incorporated on 14 March 1958 as a private limited liability Company under the name of West African Provincial Insurance Company Limited. It became a public limited liability company in 1990 when the Company’s shares were listed on the Nigerian Stock Exchange.
The Company secured a life insurance business license from National Insurance Commission (NAICOM) in 2000, and became a composite insurance business. The Company separated the life business and transferred the related assets and liabilities to its subsidiary, Intercontinental Life Assurance Limited (now Wapic Life Assurance Limited), on 1 March 2007 through which it continues to provide life assurance services.
Wapic Insurance Ghana Limited, a wholly owned subsidiary of Wapic Insurance Plc, was incorporated on 21 January 2008 to carry on general insurance business in Ghana from 19 February 2008. The address of the Company’s corporate office is 119, Awolowo Road, Ikoyi. The Group is principally engaged in the business of underwriting life and non-life insurance risks and also issues a diversified portfolio of investment contracts products to provide its customers with asset management solutions for their savings and target investment plans.