Business

AXA Mansard reports N44.97bn gross written premium …as profit declines by 62%

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, up 94 per cent from N1.24 billion in June 2021.

 

Operating Expenses of N4.8 7 billion, up 10 percent N4.41 billion in June 2021, while Profit before Tax of N1.30 billion, declining 59 percent 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 re  port that the company’s total assets of N119.78 billion, up 15per percent 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 doubledigit revenue growth of 21 percent YoY from ₦45.1billion to ₦37.2 billion and 31 per cent YoY net premium income growth from 17.4bn to 22.7bn in the first half of the year despite tough macroeconomic 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 percent, 68 percent and 21per cent growth on our P&C, Life and Health businesses respectively.

 

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