AXA Mansard premium rose by N9.7bn in 2019

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AXA Mansard Insurance Plc said its gross written premium rose by 29 per cent to N43.62bn in its 2019 unaudited financial report from N33.92bn in 2018 financial period.

A statement from the firm said despite the challenging operating environment, its net premium income also grew by 34 per cent to N26.34bn from N19.7bn within the period under review.

While profit before tax recorded a six per cent increase to N3.57bn in 2019 compared with N3.38bn in 2018, the profit after tax moved up by eight per cent to N2.67bn in 2019 from N2.48bn recorded as of December 2018.

The statement showed a 27 per cent growth in total assets from N73.77bn to N93.33bn within the same period, while the group’s shareholders’ funds increased by 19 per cent to N24.90bn from N20.93bn.

AXA Mansard paid total claims of N17.884bn in 2019 from N12.130bn paid out in 2018.

Commenting on AXA Mansard’s financials at the end of December 2019, the Chief Executive Officer, AXA Mansard Insurance, Mr Kunle Ahmed, said, “Our focus on identifying new growth areas in our markets, strengthening our partnerships and refining our distribution strategy continued to pay off as we grew revenues by 29 per cent despite the challenging operating environment.

“The 47 per cent growth in net claims is also a testament of our capability to pay all valid claims promptly even as we transit from just a payer to the partner of our numerous customers.”

He added, “AXA Mansard Insurance remains an outstanding insurer with strong financial strength and excellent underwriting capabilities.

“The organisation has demonstrated this over the years through its superior financial and technical competencies.”

Commenting on the results, the Chief Financial Officer, Mrs Ngozi Ola-Israel, said, “We achieved strong double-digit growth in the GWP (29 per cent) with growth experienced across key lines of business.

“In addition, our focus on cost optimisation and efficiency ensured a six per cent dip in OPEX. Overall, profit after tax grew eight per cent while net assets also grew by 17 per cent.”

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