WAPIC Insurance profit dips to NGN585 million in 2016

WAPIC Insurance said its profit for the year 2016 fell to NGN586 million compared to NGN1.2 billion posted in the previous year.

WAPIC is not alone in delivery below par results. Generally, the insurance industry has so far released a many not so inspiring results for the full year 2016.

The insurance company said its gross premium written rose to NGN8,0 billion versus NGN7,1 billion in the previous year. However, gross premium income rose to NGN7,5 billion compared to NGN6,1 billion in 2015.

The rising costs of paying its reinsurers due to the crash in Naira against the Dollar (USD) made its re-insurance expenses to increase to NGN3,2 billion as opposed to NGN2,2 billion paid in the previous year.

Total assets of WAPIC for the year rose to NGN25,9 billion versus NGN23,6 billion disclosed in the previous year. The company seems to have a healthy balance sheet as its total liabilities was smaller compared to its total assets. However, toal liablities grew to NGN9,3 billion compared NGN8,7 billion in 2015

To learn more about this result, click here>>>

Corporate information
The Company was incorporated on 14 March 1958 as a private limited liability Company under the name of West African Provincial Insurance Company Limited. The Company was converted to a public limited liability company in 1990 when the Company’s shares were listed on the Nigerian Stock Exchange. The Company was issued a life insurance licence by the National Insurance Commission (NAICOM) in the year 2000 and became a composite insurance business offering general and life insurance until March 1st 2007 when in furtherance of the objective of complying with the requirements of the National Insurance Commission, the company established Wapic Life Assurance Limited as a wholly owned subsidiary to which it transferred the related life assets and liabilities

Leave a Reply

Your email address will not be published. Required fields are marked *