Finance

AXA Mansard Insurance reports N44.97bn GWP

AXA mansard insurance posts N57.9bn gross premium in Q3

AXA Mansard Insurance Plc, a member of the AXA Group and a global leader in insurance asset management, has recorded a Gross Written Premium (GPW) of N44.97billion, up 21 per cent from N37.18 billion in June 2021.

According to the Company, the Net Premium Income of N22.75billion, up 31 per cent from N17.42billion in June 2021, as well as Investment and Other Income of N2.42billion, up 94 per cent from N1.24billion in June 2021. 

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Operating Expenses of N4.8 7billion, up 10 per cent N4.41billion in June 2021, while Profit before Tax of N1.30billion, declining 59 per cent from N3.16billion recorded in June same year and Profit after Tax of N0.87billion, declining 62 per cent from N2.29billion in June 2021.

The underwriter also explained in the financial report that the company’s total assets of  N119.78 billion, up 15 per cent from N104.06billion as of December in the same year. 

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Commenting on the financial performance, the company’s Chief Financial Officer, Mrs Ngozi Ola-Israel, said: “We delivered double-digit revenue growth of 21 per cent YoY from N45.1billion to N37.2billion and 31 per cent YoY net premium income growth from 17.4billion to 22.7billion in the first half of the year despite tough macro-economic conditions, particularly in the second quarter of the year.    

According to her, “We remained strongly focused on the disciplined execution of our portfolio growth ambitions by delivering 8 per cent, 68 per cent and 21 per cent growth on our P&C, Life and Health businesses respectively. 

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To this end, Ola-Israel noted that the performance further reinforces the firm’s resilience and capacity to produce sustainable results.

Sunnews

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