Multi-line insurance company, WAPIC Insurance has announced its audited financial results for the period ended December 31, 2015, with N1.7 billion profit before tax (PBT) recorded during the financial year.
The current profit margin was as a result of the growth in the topline and returns from strategic investment in associated companies, according to a statement on Sunday, March 20.
The company also announced that its underwriting profit increased by 12 per cent to N1.5bn, driven mainly by a 33 per cent increase in underwriting income, while its gross written premium of N7.1bn grew by 36 per cent against the figure recorded in the 2014 financial year.
Besides, the insurance company paid out N2.2bn in claims, representing a 100 per cent increase on the payout in the 2014 financial year, while its gross claims increased to 31 per cent in the current financial year, against the 21 per cent in the previous year.
