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Apr 2016 WAPIC Insurance posted its 2015 net profits which grew by 448% at 1.3 billion NGN (6.5 million USD). Gross written premiums rose by 36% at 7.1 billion NGN (36 million USD). Underwriting profits grew less strongly rising from 1.32 billion NGN (7.3 million USD) in 2014 to 1.48 billion NGN (7.5 million USD) in 2015.
According to the company, the restructuring of the internal operating pattern and the transformation of its services are behind this good performance. WAPIC Insurance has also announced the nomination of Adeyinka Adekoya as chief executive officer.