AXA Mansard gets regulatory approval for share capital increment
AXA Mansard Insurance Plc, a member of AXA, a global leader in insurance and asset management has announced the conclusion of its regulatory driven share capital increase process.
Following NAICOM’s proposed changes to minimum regulatory requirement on paid-up capital for market expansion.
The underwriter, having obtained requisite approval from its shareholders has commenced implementation of the phase one of its plan.
At the Extraordinary General Meeting held on 7th December 2020, the company has declared bonus issuance, for share capital increased from N5.25 billion to N18.0 billion and consequently the number of shares outstanding increased from 10.5 billion to 36.0 billion.
This increased number of outstanding shares was expected to lead to increased share register management cost, impact per share metrics and possible wide-ranging implications on future capital raising exercise.
To manage the impact of the bonus share issuance, the company implemented the second phase of the 2020 approved scheme after receiving the final sets of regulatory approvals which is a capital reconstruction through par value re-domination.
This has led to an increase in the nominal value of shares from N0.50 to N2.00 per share and consequently, reduced the number of outstanding shares from 36 billion units to 9 billion units whilst maintaining the existing shareholding structure.
The share reconstruction was completed on 27th September 2021 and the reconstructed shares have been credited to each shareholder’s account. All shares continue to rank equally in all respects and continue to form a single class of ordinary issued shares of AXA Mansard.
Commenting on the exercise, the Chief Financial Officer, Mrs. Ngozi Ola-Israel said. ” We strive to provide shareholders with the best possible return on their investment while also ensuring that we fully optimise the number of shares in stock.
The reconstruction done maintains the existing shareholding structure as well as the shareholder value of each of our esteemed shareholders. We are positioned to continue delivering strong earnings with the support of all our stakeholders.”
Also, speaking on the development in the industry , the Chief Executive Officer, Kunle Ahmed, said “We are grateful for the continuous support of our shareholders during this process. We assure you of our dedication to the company’s continued growth and profitability through the continual delivery of exceptional services to our customers. The fundamentals of the business remain extremely strong with an enviable financial capacity that supports our growth ambitions.”
The AXA Group is a worldwide leader in insurance and asset management, with 153,000 employees serving 105 million clients in 54 countries. In 2020, IFRS revenues amounted to Euro 96.7 billion and underlying earnings to Euro 4.3 billion. AXA had Euro 1,032 billion in assets under management as of December 31, 2020.
The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.
The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.
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