Wapic Insurance Plc’s gross written premium increased year-on-year by 24 per cent to N8.7bn in the second quarter of 2019 compared to N6.9bn in the same period of 2018.

A statement from the underwriting firm on its unaudited results for the period ended June 30, 2019 said this was buoyed by sustained leadership status in some major accounts, attainment of increased market share and enhanced underwriting capabilities.

Commenting on the result, the Managing Director/Chief Executive Officer, Wapic Insurance Plc, Mrs Yinka Adekoya, said, “Our Group’s financial performance in the first half of the year is largely in line with our growth expectations and strategic aspirations.

“Despite the prevalent tepid economic conditions with Gross Domestic Product growing below market expectation at 2.0 per cent, we grew our gross written premium by 24 per cent year-on-year to N8.7bn ahead of our growth rate target of 20 per cent. This positively influenced our profit before tax position, which grew at a double-digit growth rate of 67 per cent to N400m when compared to N241m reported in the H1 2018.

“Regulatory ratios remained above the required thresholds with our Solvency ratio at 168 per cent.

“As we continue to position the company for long-term success, we trust that our ongoing digitisation efforts and best-in-class customer experience offerings will open up new opportunities, which we believe will ensure the continued creation of sustainable value to all our stakeholders.”

Adekoya added, “Within the first half of the year, precisely in May 2019, the National Insurance Commission announced a major increase across board in the minimum paid-up share capital of insurance and reinsurance operators in the country. With this new minimum capital requirement, a further consolidation of the Nigerian insurance sector is imminent, as some insurers may seek to merge, or be acquired by bigger firms, in a bid to comply with the circular.

“There is absolutely no doubt that the new MCR will have a significant impact on the Nigerian insurance industry given the country’s untapped vast potential in the insurance market space. For Wapic, our general insurance business is adequately

capitalised for the new MCR while measures are already in place for the life subsidiary to be fully capitalised before the June 2020 deadline.”

Wapic stated that it would hold a teleconference call for investors and analysts with its senior management to announce the unaudited financial results.

It said at the end of the call, there would be an opportunity for the management to take questions from investors and analysts.