AXA Mansard insurance reports N43.62 billion Gross Written Premium in 2019
…As shareholders’funds hits N25.3 billion same year
Despite the challenging operating environment, AXA Mansard Insurance Plc, in its unaudited financial report 2019, announced a Gross Written Premium (GWP) of N43.62 billion in 2019 up by 29 per cent from N33. 92billion recorded in 2018.
The company’s Net Premium Income also grew by 33per cent to N26.29 billion from N19.70billion within the period under review.
While Profit before Tax recorded a 16 per cent increase to N3.93 billion in 2019 compared with N3.38 billion in 2018, the Profit after Tax moved up by 17 per cent to N2.91billion in 2019 as against N2.48 billion recorded as at December 2018.
The statement, in addition, showed a 25 per cent growth in total assets from N73.77 billion to N92.28 billion within the same period while the group’s shareholders’ funds increased to N25.26 billion from N20. 93 billion representing a 21 per cent growth. However, insurance shareholders’ funds of N23.08 billion, up 38% from N16.77 billion as at December 2018
AXA Mansard paid total claims of N17.884 billion in 2019 from N12. 130billion paid out in 2018.
Commenting on AXA Mansard’s financials at the end of December 2019, Mr. Kunle Ahmed, the Chief Executive Officer, AXA Mansard Insurance, said “Our focus on identifying new growth areas in our markets, strengthening our partnerships and refining our distribution strategy continues to pay off as we grew revenues by 29per cent despite the challenging operating environment.
The 44 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 further added, “AXA Mansard Insurance remains an outstanding Insurer with strong financial strength and excellent underwriting capabilities. The organization 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 GWP (29%) 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 17pr cent while net assets also grew by 21per cent.
AXA Mansard was incorporated in 1989 as a private limited liability company and is registered as a composite company with the National Insurance Commission of Nigeria (NAICOM). The Company offers life and non-life insurance products and services to individuals and institutions across Nigeria whilst also offering asset/investment management services, health insurance solutions and pension fund administration through its three subsidiaries – AXA Mansard Investments Limited, AXA Mansard Health Limited and AXA Mansard Pensions Limited respectively.
Listed on the Nigeria Stock Exchange in November 2009, AXA Mansard Insurance plc was rated B+ by A.M. Best (2016) for Financial Strength.
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