Wapic Insurance Plc announced consolidated and parent company earnings results for the first quarter ended March 31, 2018. For the quarter, on consolidated basis, the company reported gross written premium of NGN 4,465,986,000 against NGN 3,771,467,000 a year ago. Net premium Income was NGN 1,573,795,000 against NGN 1,274,548,000 a year ago. Investment income was NGN 330,077,000 against NGN 413,899,000 a year ago. Net income was NGN 1,157,234,000 against NGN 911,015,000 a year ago. Operating profit was NGN 11,033,000 against NGN 25,245,000 a year ago. Profit before tax was NGN 319,378,000 against NGN 384,109,000 a year ago. Profit after tax was NGN 233,257,000 against NGN 265,742,000 a year ago. Basic earnings per share were 0.02 Kobo against 0.02 Kobo a year ago. Net cash flow used in operations was NGN 284,681,000 against NGN 605,430,000 a year ago. Purchases of property and equipment were NGN 156,639,000 against NGN 139,652,000 a year ago. For the quarter, the parent company reported gross written premium was NGN 3,112,770,000 against NGN 2,886,580,000 a year ago. Net premium Income was NGN 827,281,000 against NGN 868,156,000 a year ago. Investment income was NGN 146,749,000 against NGN 179,636,000 a year ago. Net income was NGN 721,251,000 against NGN 576,949,000 a year ago. Operating loss was NGN 54,351,000 against NGN 7,179,000 a year ago. Loss before tax was NGN 54,351,000 against NGN 7,179,000 a year ago. Loss after tax was NGN 133,722,000 against NGN 103,563,000 a year ago. Basic loss per share was 0.01 Kobo against 0.01 Kobo a year ago. Net cash flow from operations was NGN 156,309,000 against NGN 306,248,000 a year ago. Purchases of property and equipment were NGN 11,390,000 against NGN 62,634,000 a year ago.