By David Akinmola
AXA Mansard Insurance Plc, a member of the AXA Group and a global leader in insurance and asset management, has recorded a Gross Written Premium of
N44.97 billion, up 21 per cent 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, up94 per cent from N1.24 billion in June 2021
Operating Expenses of N4.8 7 billion, up 10% N4.41bn in June 2021, while Profit before Tax of N1.30 billion, declining 59% from N3.16 billion recorded in June same year and Profit after Tax of N0.87 billion, declining 62 per cent from N2.29 billion in June 2021.
The underwriter also explained in the financial report that the company’s total assets of N119.78 billion, up 15% 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% YoY from ₦45.1billion to ₦37.2 billion and 31% 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, we remained strongly focused on the disciplined execution of our portfolio growth ambitions by delivering 8%, 68% and 21% growth in our P&C, Life and Health businesses respectively.
To this end, Ola-Israel noted that the performance further reinforces the firm’s resilience and capacity to produce sustainable results.
She said the decline of 59% and 62% 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% 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%.
We are taking steps to strengthen our balance sheet as well as our underwriting and claims management processes which will translate to increased profitability in the medium term. Looking forward, the second half of the year presents a crucial opportunity to consolidate on our wins whilst we continue to take strategic steps to keep advancing as an exceptional insurer with great financial strength and excellent underwriting capabilities.
