AXA Mansard Insurance Plc, a member of the AXA Group and global leader in insurance and asset management, has recorded Gross Written Premium N28.64bn, up 14% from N25.08bn in March 2021.
According to the company, the Net Premium Income of N11.57bn, up 39% from N8.34bn in March 2021, Investment and Other Income of N1.23bn, dip 25% from N1.64bn in March 2021.
Operating Expenses of N2.54bn, up 1% N2.52bn in March 2021while Profit before Tax of N470m, declining84% from N2.92bn in March 2021 and Profit after Tax of N390m, declining85% from N2.63bn in March 2021
Commenting on the results, the Chief Financial Officer, AXA Mansard Insurance, Mrs Ngozi Ola-Israel, said”We delivered double-digit revenue growth of 14% YoY from ₦25.07bn to ₦28.64bn and 39% YoY net income growth from 8.34bn to 11.57bn in the first quarter despite a challenging macroeconomic environment.
However, we also grew Life and Health businesses by 58% and 24% respectively whilst our P & C business dipped 5% as a result of large unrenewable business written in 2021 and deliberate careful selection of risk in 2022.
The decline of 84% and 85% respectively in the PBT and PAT is largely driven by higher claims experienced in our health portfolio coupled with fair value losses and foreign exchange losses.
The core underlying earnings (excluding fair value gains/losses, capital gains/losses and foreign exchange movements) dipped by 22% mainly driven by the higher claims experienced in our Health portfolio. Across all lines of businesses we continue to build necessary actuarial reserves to ensure we have a strong balance sheet.
According to Ola-Israel, looking forward to the rest of the year, we remain optimistic of the value creation possibilities that exist within our business areas and with the continued support of shareholders, customers, and the dedication of staff and other key stakeholders, we will deliver excellent underwriting, investment, and operating performance as we prioritize providing value to our valued customers.”
Also spoken on the financial growth at the end of the first quarter of 2022, the Chief Executive Officer, AXA Mansard Insurance, Kunle Ahmed, said confirmed that they have begun the fiscal year 2022 on a solid footing, although we recorded a temporary setback on PBT despite growing revenue by double-digit, this reflects the macroeconomic uncertainties that continue to plague our business environment. The fundamentals of our business remain strong, and we remain optimistic that, with the support of our partners, we will deliver on our growth numbers on revenue and profitability at the end of the year.
We will be holding our Annual General Meeting to consider our 2021 results on July 14, 2022. In line with our usual practice of continuous dividend payments to our shareholders, we will be declaring a dividend of 25k per share which represents a growth of 14% when compared with the dividends paid in 2021. We thank our shareholders and all other stakeholders for their support.
