AXA Mansard Insurance records 19% growth in Gross Written Premium
AXA Mansard Insurance Plc, a member of the AXA Group and global leader in insurance and asset management, has recorded 19 per cent growth in Gross Written Premium in the financial results for the third quarter
ended September 30, 2022.
Speaking on the result, the Chief Financial Officer of the company, Mrs. Ngozi Ola-Israel, said “2022 has been a challenging and dynamic year for the business occasioned by heightened levels of inflation and consequent impact on businesses and households. Despite these challenges, we were able to deliver double-digit revenue growth of 19 per cent YoY from ₦48.8bn to ₦57.9 billion and 19 per cent YoY net premium income growth from 27.1 billion to 34.7 billion at the end of the third quarter of the year.
According to her, we remain strongly focused on disciplined execution of our portfolio growth ambitions and have delivered 6 per cent, 55 per cent and 19% growth on our P&C, Life and Health businesses respectively. This performance further reinforces our resilience and capacity to produce sustainable results. We advanced with our focus on profitability also with profits before tax for the insurance business growing by 6% YoY while the Health business commenced recovery in the 3rd quarter and is positioned to record profits for the full year.
Investment incomes provided strong support for the group performance as well, growing 29 per cent YoY.
Also commenting on the development the Chief Executive Officer of AXA Mansard Insurance Kunle Ahmed, said “Despite the challenges within the business operating environment, the company’s performance reaffirms the company’s resilience and its strategy for long term growth and sustainable strong performance with a focus on identifying new growth areas in our markets, strengthening our partnerships, and refining our distribution strategy as we grew revenues by 19%. With our focus on prioritization and efficiency we are taking steps to strengthen our balance sheet as well as our underwriting and claims management processes. Looking forward to 2023, the last quarter of the year presents a crucial opportunity to consolidate on our wins and all other measures that will help us navigate the current economic environment whilst we continue to take strategic steps to keep advancing as an exceptional insurer with great financial strength and excellent underwriting
capabilities.
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