WAICA Re turnover up by 46% in 2020

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By Favour Nnabugwu

 

WAICA Re has posted a turnover of 102.6 million USD in 2020 against 70.3 million USD in 2019, representing a 46 percent increase.

In 2020, the group based in Freetown (Sierra Leone) has recorded 31 percent of its premiums in Nigeria, 16 percent in Ghana and 11percent in Tunisia.

The portfolio is dominated by the property and casualty class of business with 40% of total premiums, followed by third party liability 19 percent, and engineering 11percebt.

Facultative risks account for 72 percent of 2020 acceptances. The net incurred losses stand at USD 30.5 million, a 63 percent growth compared to the 18.7 million USD reported in 2019.

The net income has gone up by 39 percent from 9.7 million USD in 2019 to 13.6 million USD a year later.

The company’s shareholders’ equity has reached 98.159 million USD compared to 89.37 million USD at the end of 2019. The return on equity (ROE) is 14 percent

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