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Presentation to Investors & Analysts - Wapic Insurance Plc.wapic.com/sites/default/files/Wapic...
Transcript of Presentation to Investors & Analysts - Wapic Insurance Plc.wapic.com/sites/default/files/Wapic...
PresentersBode OjeniyiExecutive Director, Sales & Distribution
Yinka AdekoyaManaging Director, Wapic Insurance Plc.
Olufemi ObalekeExecutive Director, Subsidiaries
Dayo ArowojoluManaging Director, Wapic Ghana Ltd.
Zina Y. Giwa-AmuStrategy, IT & Investor Relations
Seyi TaiwoChief Financial Officer
Rantimi OgunleyeManaging Director, Wapic Assurance Ltd.
Proprietary & Confidential Strategy & PMO
Creating sustainable value
5 © WAPIC INSURANCE PLC RISK INSURED REST ASSURED
153 Professional Staff3 Operating entities
Presence • Nigeria and Ghana
Listings
• Nigerian Stock Exchange• GDR Depositary Bank - Bank of New York,
Mellon
Rating
(AM Best)
• C++ (Financial Strength Rating/Stable Outlook)
• b+ (Issuer Credit Rating/Stable Outlook)
Actuaries
Re-insurers
Auditors • PwC
1 Associated Company
CORONATION MERCHANT BANK Limited
WAPIC Insurance Plc. (Quoted on the NSE)
WAPIC Life Assurance Limited
WAPIC Insurance (Ghana) Limited
6 Regional offices in Nigeria
(Abuja, Benin, Enugu, Ibadan, Kano, Port Harcourt)
13.4 Billion ordinary shares of 50 kobo
each in issue
N27billionPortfolio
850,000+Shareholders17 Billion
Assets Under Management
Proprietary & Confidential Strategy & PMO
Operating environment
7
GD
P G
row
th
GDP contracted by -1.30% in Q4 2016 which implies an estimatedcontraction of -1.51% for FY 2016 majorly due to FX scarcity,delayed fiscal stimulus and lack of clarity on government policydirection. The slight growth in Q4 2016 reflects the gradualimprovements in several key sectors of the economy and a slowingmonth-on-month inflation growth.
Cru
de O
il $/b
arrel
Oil prices increased to almost $57 per barrel in Q4, the highest in16 months extending gains after OPEC and Russia agreed torestrict global output in order to rebalance the market and reducethe global supply glut more quickly.
GD
P G
row
th (
%)
FX
Ra
te N
/$
Sep’16 Dec’15 Mar’16 Jun’15 Sep’16 Dec’16
Following the introduction of the managed floating exchange rateregime in June 2016, the Naira has significantly depreciated againstthe Dollar with a growing gap between the official and parallel rates.Despite this the foreign reserves have been growing steadily, risingto $25.84bn at the end of Q4 2016, largely due to the rising global oilprices.
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Sep’16 Dec’15 Mar’16 Jun’15 Sep’16 Dec’16 Sep’16 Dec’15 Mar’16 Jun’15 Sep’16 Dec’16
2.842.11
-0.36
-2.06 -2.24-1.30
47.69
36.61 38.2148.05 48.24 56.65
197 197 197
280311.62 305.3
223.5 240.0
320.0 348.0
475.0 485.0
15.9510.95 11.33
14.50 15.14 15.99
13.80
7.45 9.5514.99
18.30 18.68
Infla
tion
, Bo
nd
s & T
-bills
Inflation continued an upward trend albeit at a slower rate; rising to18.55% in Q4 2016. this was driven by the lingering effects of Nairadevaluation, scarcity of FX and uncertainty in monetary policies.
Sep’16 Dec’15 Mar’16 Jun’15 Sep’16 Dec’16
9.39 9.5512.77
16.48 17.85 18.55
Inflation 5-yr FG Bonds 1-yr TBillsOfficial Rate Parallel Mkt
Source: CBN, National Bureau of Statistics (NBS), Business Monitoring International (BMI)
Proprietary & Confidential Strategy & PMO
NAICOM stated its commitment to re-launching the Market Development and Restructuring Initiative(MDRI) in order to create more access to insurance services. NAICOM also stated that special andintensified implementation efforts would be made on Enforcement of compulsory insurance,diversification of distribution channels and increase in access points for insurance services.
NAICOM released a circular on the “Utilisation of In-country Capacities of Nigerian Insurers,Reinsurers and Pools Prior to Foreign Facultative Reinsurance” aimed to ensure insurancecompanies exhaust all locally recognized capacities prior to applying for approval to cede certainproportion of some risks offshore.
As part of its five-year strategy to enhance inclusive growth and generate better value forcontributors, the National Pension Commission (PENCOM) has detailed a plan to deploy at least40% of the country’s total pension funds, about N2.3trillion into investments in infrastructuredevelopment by 2019.
NAICOM has announced that it has concluded plans to make available the operational guidelinesmeant to regulate the partnership business between insurance industry operators and othersectors in the distribution channels such as Banks and Telcos in the country.
Regulatory and industry environment
7
To ensure the protection of policyholders and beneficiaries of insurance contracts againstunexpected losses, NAICOM is set to commence a verification of the capital resources of allinsurance companies in the first quarter of 2017. The exercise would entail a verification of theassets and liabilities of all insurance companies
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NAICOM and PENCOM are seeking ways to strengthen the process of administration of retirees’life annuity. This follows PENCOM’s directive mandating life insurers to stop annuity business andtransfer their annuity assets to PFC.
Proprietary & Confidential Strategy & PMO
Group financial highlights
9
NGN million
© WAPIC INSURANCE PLC RISK INSURED REST ASSURED
%∆
Financial Assets
Total Assets
Total Liabilities
Shareholders’ Funds
ROE
Reinsurance Assets 923
4,313
23,695
8,732
14,962
7%
9%
+70
+72
+9
+7
+11
-35
-59
1,573
7,401
25,902
9,336
16,566
5%
4%
Solvency Ratio 266% 250% +6
ROA
2016 2015
FinancialPosition
%∆
Net Underwriting Income
Total Underwriting Expenses
Underwriting profit
Net Investment & Other Income
Expenses & Provisions
Profit before Tax
OPEX ratio
Gross Written Premium
2016 2015
8,005
4,943
4,563
381
3,737
1,193
52%
+13
+13
+58
-74
+29
+20
-28
+6
4,150
Earnings
Net claims ratio 67% +61
7,101
4,370
2,893
1,478
2,894
1,668
49%
3,468
41%
Total Income 12,394 +1910,425
Earnings Per Share (Kobo) 4 -6010
Proprietary & Confidential Strategy & PMO11 © WAPIC INSURANCE PLC RISK INSURED REST ASSURED
Income statement review
Reinsurance expenses
Net claims expenses
Underwriting expenses
Underwriting profit
Investment income
Other operating income
Operating expenses
Profit before tax
Gross Written Premium
2016 2015
8,005
3,295
2,869
1,681
381
1,018
2,334
4,150
1,193
7,101
2,208
1,635
1,229
1,478
1,376
391
3,468
1,668
+13
+49
+75
+37
-74
-26
+497
+20
-28
%∆ GWP increased by 13% YoY to N8bn at the end of
the financial year 2016, up from N7.1bn achieved inthe prior year.
Reinsurance expenses grew by 49% to N3.3bn as atDec’16 from N2.2bn in Dec’15; driven by an increasein facultative reinsurance to balance exposure onspecific risks particularly in the Oil and Energy andGroup Life portfolios.
Increase in claims settlement for the year drove the75% YoY growth in Net Claims Expenses fromN1.6bn in 2015 to N2.7bn in 2016.
The 497% increase in other operating income waslargely driven by realised foreign exchange gains.
Underwriting profit was impacted primarily by theincreased claims payout experience for the period inNigeria and legacy claims cleanup in Ghana.
Operating expenses (inclusive of personnel costs andprovisions) closed at N4.2bn as at Dec’16, a 20%increase from the prior year.
Highlights
NGN million
Proprietary & Confidential Strategy & PMO
1,626
1,869
1,455
1,763
529
336 196 230
90
271
(258)
449
(40)
113
(271)
32
OIL& ENERGY
GENERALACCIDENT
LIFE MOTOR FIRE MARINE ENGINEERING AVIATION
6%
14%
-18%
25%
-8%
34%
-138%
14%
Motor, 117%
Fire, -11%
General Accident, 70%
Marine, 29%Aviation, 8%
Engineering, -70%,
Oil & Energy,
23%
Life, -67%
Product performance
12 © WAPIC INSURANCE PLC RISK INSURED REST ASSURED
20%
23%
18%
22%
7%
4% 2% 3%
OIL &ENERGY
GENERALACCIDENT
LIFE MOTOR FIRE MARINE ENGINEERING AVIATION
GWP contribution By product
Underwriting profit margin
Underwriting profitby product
N’m
GWP Underwriting profit Underwriting profit ratio
Highlights
General Accident is the top performer for the period at 23%contribution to the Group’s GWP, followed closely byMotor at 22%. Oil & Energy and Life showed equally goodperformances at 20% and 18% respectively.
Motor is the Group’s most profitable product, leading witha 117% contribution to underwriting profit. It is followed byGeneral Accident at 70%
The increased growth and profitability of the motorportfolio is evidence of the company’s commitment todriving the flagship motor product, MOOV.
Proprietary & Confidential Strategy & PMO
Group expenses
Net claims exp.Net prem. income
Net claims ratio
UW exp. ratio
Underwriting exp.
Net prem. income
Net claims expenses
Net claims expenses grew by 75% YoY, toclose at N2.9bn in 2016 (FY’15: N1.6bn).This was partly impacted by: a rise in frequency of claims owing to theoverall economic downturn in 2016 an increase in IBNR, due to the growth inGWP. This reflects the prudent approachwe take in allowing for the possibility oflatent claims
As a result of the foregoing, Net ClaimsRatio increased to 67% in FY 2016compared with 41% in the correspondingperiod of 2015.
NGN million
Underwriting expenses went up by37% from the prior year’s position toN1.7bn in FY 2016. This is due to thegrowth in GWP and increased shareof corporate business portfolio.
Underwriting expense ratio grew to39% in FY 2016, a minimal increasecompared with 31% in Q3 2015.
13 © WAPIC INSURANCE PLC RISK INSURED REST ASSURED
998
1,635
2,869 2,837
3,940 4,291
2014 2015 2016
35%41%
67%
961 1,229 1,681
2,837
3,940 4,291
2014 2015 2016
34% 31%39%
Underwriting expenses
Proprietary & Confidential Strategy & PMO
Group expenses
Reinsurance expenses
• Reinsurance expenses grew toN3.2bn, a 49% YoY growth fromN2.2bn in 2015.
• We have optimized our reinsuranceprocesses to adequately manageunderwriting expenses, benefits weexpect in 2017.
NGN million
Operating expenses rose by 20% YOYto N4.1bn in 2016 (2015: N3.5bn)
Key Drivers:– The company’s investment in people,
new product R&D as well as brandingand marketing.
– Upgrade of our technology solution forbusiness process optimisation, greaterefficiency and seamless operations toachieve the highest level of customersatisfaction.
– Increased costs was also impacted byrising inflation and the depreciation inNaira during the year.
Operating expenses
14 © WAPIC INSURANCE PLC RISK INSURED REST ASSURED
Reinsurance exp.
Net premium income
Retention ratio
Gross premium income
Opex ratio
59%49% 52%
1,867 2,208
3,295 2,837
3,940 4,291
4,704
6,149
7,586
2014 2015 2016
60%
64%
57%
5,204
7,101
8,005
191
(12)142
913 924
1,142
1,971 2,556
2,866
201620152014
Impairment
Staff cost
Other Opex
GWP
201620152014
Proprietary & Confidential Strategy & PMO
N’m
Revenue
The Group’s Total income grew by 19% YoY to close at N12.3bn for the financial year 2016 (2015: N10.4bn) Wapic Ghana contributed 16% to the Group’s GWP, a 78% upturn from its 9% contribution for the prior year 2015. This is evidence of Wapic’s
effective awareness drive and increasing share of the Ghanaian insurance market space. The Large Corporates group was the largest contributor to the Group’s GWP in 2016 at 40%, followed by Financial Institutions group at 29%. Wapic has repositioned its teams for improved relationship and service delivery, a restructuring that is paying off.
15 © WAPIC INSURANCE PLC RISK INSURED, REST ASSURED
2014 2015 2016
69%
40%
3%
10%
29%
2%
16%
RetailS&D
LargeCorporates
Public Sector
Financial Institutions
HNI
Ghana
GWP contributionby Business Groups
Group Total Income
12,394
10,425
7,345
Proprietary & Confidential Strategy & PMO
Group profit position
Profit before tax
16
Increased claims settlement for the period largely impacted the Group’s underwriting profit position causing a steep decline by 74% to N381m in2016 (2015: N1.4bn). This resulted in an underwriting profit margin of 5% - a 76% decrease from preceding year, 2015.
The drop in underwriting profit further impacted the PBT position for the period which closed at N1.2bn as FY’16, representing a 28% decreasecompared to 2015.
ROA and ROE maintained positive positions at 5% and 4% respectively for the period.
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Underwriting profit
59
1,668
1,193
2014 2015 2016
1.7%
8.7%
4%
0.3%
7.0% 5%
Profit before tax ROA ROEUnderwriting Profit UWP margin
1,3161,478
381
2014 2015 2016
25%21%
5%
59
903
(32)
2014 2015 2016
Operating profitN’m N’m
Proprietary & Confidential Strategy & PMO18 © WAPIC INSURANCE PLC RISK INSURED REST ASSURED
Statement of financial position
Financial assets
Reinsurance assets
Investment property
Investment in associate
Fixed assets and intangibles
Other receivables & Prepayment
Cash and cash equivalents
FY’15
7,054
4,313
923
675
5,244
2,410
1,224
%∆
23,695
211
2,497
152
4,677
1,196
-69
+72
+70
-20
+37
+75
-7
Other assets 1,300 -18
+9
Trade payables
Provisions & other payables
Current income tax liabilities
Insurance contract liabilities
Investment contract liabilities
Total liabilities
Equity
Total equity & liabilities
Total assets
+12
-47
+37
+36
-23
8,732
14,962
23,695
+7
+11
+9
NGN million
Cash and cash equivalents dropped by 69%compared to FY’15 due to portfolio realignment totake advantage of higher-yielding assets.
The 72% growth in financial assets reflects thecompany’s switch from cash and cash equivalent totake advantage of elevated yield in fixed incomesecurities.
Reinsurance Assets increased by 70% YoY to N1.6bnin FY’16 (FY’15: N923m) driven by the growth inreinsurance expenses arising from a growth in theGWP
The equity value of investment in Associate grew by37% YoY to N7.2bn in 2016. This was driven by anincrease in share holdings as well as share of profitduring the period.
Investment Property further declined by 20%, in linewith the company’s strategic shift to higher-yieldingassets.
Insurance contract liabilities increased by 36% fromFY’15, following a growth in GWP during the period.
Highlights
Other Assets= Deferred acquisition cost+ Deferred Tax asset +Statutory DepositsFixed Assets & intangibles= Property, plant & equipment + Intangible Assets
Note
FY’16
2,220
7,401
1,573
540
7,174
4,229
1,145
25,902
236
1,320
208
6,374
920
1,066
9,336
16,556
25,902
Trade receivables 552 +0.3554
Proprietary & Confidential Strategy & PMO
NGN million
Highlights of financial position
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23,695 24,621 26,148 27,189 25,902
14,962 15,067 15,561 16,456 16,566
Dec'15 Mar'16 Jun'16 Sept'16 Dec'16
Total Assets Shareholders funds
Total Assets &Earnings Assets
Insurance &Investment
Contract liabilities to Total Liabilities
Total Assets &Shareholders Funds
Highlights
Earnings assets to Total assets ratio downslightly by 7% from the FY’15 position to73% in FY’16 due to increased investmentin fixed assets, while the Group’s Totalassets increased by 9% to N26bn for FY’16(FY’15: N24bn)
Insurance and Investment contractliabilities stood at N7.3bn representing a24% YoY growth from the FY’15 positionof N5.9bn.
Total liabilities grew by 7% to N9.3bn inthe period under review compared withFY’15 position. Key drivers includegrowth in Insurance contract liabilitiesand income tax liabilities recorded for theperiod.
The Group’s Shareholders fundsincreased by 11% to N16.6bn in FY’16(FY’15, N14.9bn).
Total Assets stood at N25bn at the end ofDecember 2016, a 9% growth comparedto the corresponding period in 2015.
23,695 24,621 26,148 27,189 25,902
18,595 17,511 18,132 19,328 18,812
Dec'15 Mar'16 Jun'16 Sept'16 Dec'16
Total Assets Earnings Assets
8,733 9,554
10,587 10,733 9,336
5,873 7,073
8,105 7,760 7,294
Dec'15 Mar'16 Jun'16 Sept'16 Dec'16
Total Liabilities Ins. & Inv.Contract Liabilities
Proprietary & Confidential Strategy & PMO21
Assets under management
The investment portfolio composition maintains a high allocation to the fundamentally strong associate and subsidiaries as well as fixed income securities with high yield. The property portfolio reduced in line with the strategy to fully exit the underperforming legacy properties.
Growth in the value of investment in associates is reflective of the Group’s share of profit in CMB and an additional equity investment to maintain a 25% minimum shareholding.
Treasury bills and money market deposits were rebalanced to take advantage of uptick in yields; while additional acquisition was made to position Wapic for other prospects in the associate.
A portion of the exchange gains on Available For Sale(AFS) Foreign exchange securities was realized in the period. The unrealized foreign currency assets still have significant positive exchange gains based on current valuation.
© WAPIC INSURANCE PLC RISK INSURED REST ASSURED
6%
27%
11%
5%
1%
3%
43%
4%
Term deposit
Treasury Bills
Bonds
Quoted Investments
Unquoted Investments
Investment property
Investment in associates
Statutory Deposit
35%
11%10%
4%
0.5%
4%
31%
3%
Outer circle: FY’16Inner circle: FY’15
Term Deposits
Treasury Bills
Bonds
Quoted Investments
Unquoted Investments
Investment Property
Investment in Associate
Statutory Deposit
5,912
1,880
1,689
668
76
675
5,244
522
FY’16 FY’15
1,048
4,471
1,924
909
98
540
7,174
618
N’m
Proprietary & Confidential Strategy & PMO22
How we build for the future
FINANCIAL
OPERATIONAL
SALES
PEOPLE
Wapic Ghana continues to deepen its retail distribution, with significant gains in bancassurance and sales ofour innovative MOOV product, already impacting the topline.
We have structured the Retail sales function to leverage relationships with the Wapic value chain, in line withrecent Regulatory guidelines on bancassurance.
We have optimized our reinsurance processes to adequately manage underwriting expenses. We are concluding the implementation of technology solutions to enhance service delivery and overall
customer experience. We reiterate our aim to be a leading full-service insurance provider by 2019. Wapic continues a disciplined execution of our innovative, award winning digital strategy, driving
engagement and awareness.
As a foundation to our strategic drive for the best talent in the industry, we have restructured theorganization for value, performance and engagement. Investments in talent development are expected tomanifest in productivity gains.
We are inculcating the behaviors, culture and innovation associated with leading customer experienceproviders.
We remain focused on a performance driven organization, with significant improvements in employeeengagement initiatives anchored by staff, for staff.
We continue to proactively drive for a solid solvency margin, ahead of an expected regulatory change incapital adequacy rules.
We expect continued YoY growth in our topline figures in line with our strategic growth expectations. We shall maintain a continuous focus on cost optimization in order to meet our strict target cost-to-income
ratio. We shall seek to educate shareholders about the benefits of the Global Depositary Program for greater
security of investment funds.
© WAPIC INSURANCE PLC RISK INSURED REST ASSURED
Proprietary & Confidential Strategy & PMO
The information presented herein is based on sources which Wapic Insurance Plc (The “Company”) regards dependable.
This presentation may contain forward looking statements. These statements concern or may affect future matters, such as the Company’s economic results, business plansand strategies, and are based upon the current expectations of the directors. They are subject to a number of risks and uncertainties that might cause actual results andevents to differ materially from the expectations expressed in or implied by such forward looking statements. Factors that could cause or contribute to differences incurrent expectations include, but are not limited to, regulatory developments, competitive conditions, technological developments and general economic conditions. TheCompany assumes no responsibility to update any of the forward looking statements contained in this presentation.
The information should not be interpreted as an advice to customers on the purchase or sale of specific financial instruments. Wapic Insurance Plc bears no responsibilityin any instance for loss which may result from reliance on the information.
Wapic Insurance Plc. holds copyright to the information, unless expressly indicated otherwise or this is self-evident from its nature. Written permission from WapicInsurance Plc is required to republish the information on Wapic Insurance or to distribute or copy such information. This shall apply regardless of the purpose for which itis to be republished, copied or distributed. Wapic Insurance Plc’s customers may, however, retain the information for their private use.
Transactions with financial instruments by their very nature involve high risk. Historical price changes are not necessarily an indication of future price trends. Investors areencouraged to acquire general information from Wapic Insurance Plc or other expert advisors concerning securities trading, investment issues, taxation etc in connectionwith securities transactions.
The Information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including, where relevant, anyfuller disclosure document published by the Company. Any person at any time acquiring the securities must do so only on the basis of such person’s own judgment as to themerits of the suitability of the securities for its purposes and only on such information as is contained in public information having taken all such professional or otheradvice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained herein. The information is not tailored for anyparticular investor and does not constitute individual investment advice.
Disclaimer
© WAPIC INSURANCE PLC RISK INSURED REST ASSURED
RISK INSURED REST ASSURED
For further inquiries:
Wapic Insurance Plc.119 Awolowo Road , Ikoyi. Lagos , NigeriaM: 0700DialWapicT: 012774500 /4566 /4555http://www.wapic.com
Zina Giwa-Amu
Strategy & Investor Relations
E: [email protected]: +234 808 543 3233T: +234 1 277 4500Ext: 4900
Email: strategy&[email protected]: www.wapic.comPhone: 012774500 /4566 /4555
Proprietary & Confidential Strategy & PMO
3,513
2,662 2,837
3,940 4,291
1,519
2,132
998
1,635
2,869
2012 2013 2014 2015 2016
43%
80%
35%41%
67%
Underwriting profit
874
(72)
838 1,194
578
193
(168)
58
275
(258)
2012 2013 2014 2015 2016
Appendix: Historical performance (Group)
Gross premium income Claims trend
1,435
-99
1,3161,478
2012 2013 2014 2015 2016
2012 2013 2014 2015 2016
Profit after Tax Total Assets Shareholders funds
Ghana Retention ratio
4,2463,736
4,704
6,149
Non-Life Life
Ghana UWP Margin
Non-Life Life
PAT Margin SHF ROETotal Assets 5yr CAGR
Net claims ratio
Net premium income Net claims
The Group has recordedImproved historical toplinegrowth over the past five yearswith 407% CAGR in grosspremium income as at FY 2016
Ghana’s contribution to thegroup’s GPI has averaged 13%over the past 4 years
The Life subsidiary closed at anunderwriting loss position ofN258m in FY’16, furtherimpacting the overall Group’sperformance
PAT down by 55% to N586m inFY’16 (FY’15: N1.3bn) drivingthe profit margin ratio to 7%
Growing long term investmentstrategy over the last fouryears. Short term investmentshare of the portfolio at 37% inFY 2016
Return on equity downmarginally to 4% in FY 2016
(N’m) (N’m) (N’m)
(N’m) (N’m) (N’m)
© WAPIC INSURANCE PLC RISK INSURED REST ASSURED A1
26%
55% 63% 75% 74% 69%
19%
16%
17%16%
7,586
83%71%
60% 64%
57%
381
34%
-3%
25%21%
5%
383
(208)
237
1,297
586
9%
-6%
5%
18%
7%
81% 64% 59% 50% 37%
7,623
14,180 14,201 14,962
16,566
2012 2013 2014 2015 2016
5%
-1%2%
9%4%
12,679
22,304 22,059 23,695
25,902
2012 2013 2014 2015 2016
CAGR: 567%
Proprietary & Confidential Strategy & PMO
Key Financials as at December 2015Appendix: Group growth in context
The implementation of thegroup’s 5 year strategic plancontinues to pay off as GPIgrew by 24% YoY in FY 2016
A drop in underwriting profitdriven by high claims payoutexperienced during the period.
Increase in IBNR for the periodfurther impacts the Net claimsexpense position.
Growth in operating incomefurther helped strengthen thebottom line position.
Tax charge for the yearincreased by 64% y/y toN607m in FY2016 (FY2015:N370m)
37% -74% -26% 79% 20% -28% 64%75%24% 49% 10% 52%
1,297
1,466 1,037
380 222
1,234 452
(1,097) (358)
1,202 682
(475) (237)
586In
cre
me
nta
lN
’m
*Operating income comprises profit on investment contracts, Net realised (loss)/gain on assets at fair value through profit and loss and other operating income.
© WAPIC INSURANCE PLC RISK INSURED REST ASSURED
(N’m)
A2