Wapic Insurance Plc has announced a profit before tax of N108 million, down 36% or N170 million recorded in the same 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.
The company also 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 sharp drop was due to the current determination to focus on improving the customer experience and 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.