Wapic Insurance Plc has announced a profit before tax of N108 million, down 36% or N170 million recorded in comparable period of September 2014.
However, the company recorded gross written premium of N5.7 billion for the nine months ended September 30, 2015, showing a growth of 22 per cent above the N4.660 billion gross premium written by the company in the corresponding period in 2014.
>> In the same vein, the company grew its underwriting profit by 22 per cent from N1.082 billion in 2014 to N1.3 billion in 2015.
Similarly, its underwriting income increased by 37per cent.
According to the company, the decline was due to the current determination to focus on improving the customer experience; people development; ensuring operational alignment and restructuring to reposition itself as an industry leader.
The company during the period under review, said it paid a total claims of N1.0 billion, representing 114 per cent increase in the payout compared to what was paid in the same period last year.
” Gross claims ratio improved closing at 17.2 per cent in Q3 2015 against 19.7 per cent in Q3 2014. Solvency ratio of 147 per cent continues to be a benchmark in the industry where the regulatory threshold is 100 per cent. Ongoing foreign exchange headwinds in Ghana continue to dampen group earnings, ” the company stated.
Commenting on the results, Executive Director, Institutional Sales Division of the company, Bode Ojeniyi, said: “Our strategic investments in enhanced operational capabilities continued to deliver tangible results and put us in good stead going forward.