AXA Mansard Insurance grows Gross Premium to N44.97bn H1’22

The global Insurance firm, AXA Mansard Insurance Plc a member of the AXA Group announced a Gross Written Premium ofN44.97 billion, this represented 21 per cent growth from N37.18 billion in June 2021.

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

The company’s Operating Expenses went up by 10 percent to stand at N4.8 7 billion, against N4.41bn in June 2021, while Profit before Tax of N1.30 billion, showed remarkable decline by 59 percent from N3.16 billion recorded in June same year and Profit after Tax of N0.87 billion, declining by 62 per cent from N2.29 billion in June 2021.

The firm also said that its total assets went up by 15 percent to N119.78 billion, from N104.06 billion as of December in the same year.

Commenting on the financial performance of the company, the Chief Financial Officer, AXA Mansard Insurance, Mrs. Ngozi Ola-Israel, said, “We delivered double-digit revenue growth of 21 percent YoY from ₦45.1billion to ₦37.2 billion and 31 percent YoY net premium income growth from 17.4bn to 22.7bn in the first half of the year despite tough macro-economic conditions, particularly in the second quarter of the year.   

According to her, the company, remained strongly focused on the disciplined execution of its portfolio growth ambitions by delivering 8 percent, 68 percent and 21 percent growth on its P&C, Life and Health businesses respectively.

She noted that the performance further reinforces the firm’s resilience and capacity to produce sustainable results.

 She said the decline of 59 percent and 62 percent respectively in the PBT and PAT is largely driven by higher claims experienced in our health portfolio.

 “We are strengthening all our underwriting and claims management processes while continuing to excel on our investment performance where we grew 94 performance YoY.

 Also speaking on the financials at the end of the first half of 2022, the Chief Executive Officer, AXA Mansard Insurance, Kunle Ahmed, said “Despite the business environment’s challenges, the performance reflects the dynamism and focus on identifying new growth areas in the markets, strengthening partnerships and refining distribution strategy as we grew revenues by 21%.