Wapic Insurance Posts N1.30bn profit

By Chioma Obinagwam

Wapic Insurance has said it recorded a Profit After Tax(PAT) of N1.30 billion for the financial year ended December 31, 2015, the group said in its audited financial statement posted on the Nigerian Stock Exchange (NSE).

According to the result, the PAT rose by 447.81 per cent from N236.83 million it recorded the corresponding year of 2014.

Again, its pre-tax profit climbed by 2747.78 per cent to N1.67 billion from N58.57 million recorded a year ago.

Also, its Gross Premium written advanced from N5.20 billion in 2014 to N7.10 billion in the review period of 2015; indicating a growth of 36.45 per cent.

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The group recorded a Total Asset of N22.69 billion in the review period from the N22.06 billion that was posted in the preceding year.

Total liabilities and Equities stood at N23.09 billion from the N22.06 billion that was achieved in the erstwhile year.

Furthermore, Net Income increased by N4.37 billion from the N3.13 billion that was recorded in the corresponding period of 2014.

However, its Board of Directors has approved to pay a 3 kobo per share dividend to investors of the company following a meeting held on January 29, 2016.