WAPIC Insurance Plc said its Gross Written Premium (GWP) in its audited financial results for the period ended 31 December 2019, increased by nine per cent to N15.2 billion, compared to same period in 2018.
The insurer’s which disclosed this in its full year results posted on the Nigerian Stock Exchange (NSE), stated that the GWP was buoyed by its enhanced underwriting capabilities.
The results showed that Wapic paid N4.1 billion in gross claims in 2019, stating that the gross claims to GWP ratio closed at 27 per cent. This was a reduction when compared with the 36 per cent recorded in 2018.
The Group’s underwriting profit grew to N2.9 billion, a 36 per cent year-on-year growth from the N2.1 billion recorded in the preceding period of 2018. The growth in premiums and decrease in net claims expense during the review period had a positive impact on this position, it stated.
The insurer’s which disclosed this in its full year results posted on the Nigerian Stock Exchange (NSE), stated that the GWP was buoyed by its enhanced underwriting capabilities.
The results showed that Wapic paid N4.1 billion in gross claims in 2019, stating that the gross claims to GWP ratio closed at 27 per cent. This was a reduction when compared with the 36 per cent recorded in 2018.
The Group’s underwriting profit grew to N2.9 billion, a 36 per cent year-on-year growth from the N2.1 billion recorded in the preceding period of 2018. The growth in premiums and decrease in net claims expense during the review period had a positive impact on this position, it stated.