Wapic Insurance Plc has said its gross written premium rose by eight per cent to N9.34bn in the first half of the 2020 financial year.

The Managing Director, WAPIC Insurance Plc, Mrs Yinka Adekoya, disclosed this on Wednesday in a statement entitled ‘Wapic Insurance Plc unaudited results for the period ended 30th June, 2020.

She said, “Following the expected impact of the pandemic on business operations, the company activated its business continuity plan to effectively guard against business disruptions.

“With this, along with an intensified underwriting capacity, the group grew its premium position for the period by eight per cent year-on-year to close at N9.34bn.

“Our underwriting profit position grew by 58 per cent to N2bn, compared with the N1.3bn recorded in the previous period of 2019, driven by the growth in our premium position and fees and commission income. The group closed with a profit before tax of N825m representing a year-on-year growth of 106 per cent.”

Adekoya said the company would hold a teleconference call for investors and analysts on the result.

She added that total asset grew by N9.9bn, representing a 32 per cent growth for the group up from December 2019, to N40.6bn, while shareholders’ funds stood at N24bn for the period from N19bn as of December 2019.

She said, “We remain relentless in our GWP growth drive this year, in line with our revised growth expectations following the impact of the global pandemic on insurance operations.

“With the success of our digital transformation, we would constructively harness the opportunities that abound during this period with the aid of technology.”

She said despite the prevailing conditions in the economy, the company delivered a commendable performance in the first half of 2020.