AXA Mansard records 25% growth in gross premium

AXA Mansard Insurance plc, a member of the AXA Group, in its unaudited financial results for the period ended June 30, 2016, recorded a gross written premium of N13.21 billion, a 25 percent increase from N10.56 billion in June 2015.

The gross premium income also rose to N9.64 billion, up 16 percent from N8.28 billion in June, while investment and other incomes also stood at N4.03 billion, up 93 percent from N2.08 billion in the previous period. Its profit before tax grew by 108 percent to N2.44 billion from N1.17 billion in the review period, while the profit after tax rose to N2.26 billion, up 111 percent from N1.07 billion.

Within the period under review, AXA Mansard recorded a total asset of N59.6 billion from N51.21 billion, a growth of 16 percent as of December, while the shareholders’ funds is N18.4 billion, a growth of 6 percent from N17.41 billion over the same period the previous years.

Commenting on the result, Rashidat Adebisi, the chief financial officer, said, “Despite the economic downturn, we ended the first half year with a 25 percent growth in GWP, with growth experienced across all segments of the business. However, the growth in revenue was muted by the growth in claims where we experienced a 30 percent growth on the Net Claims line. Growth in claims was driven by large claims from the fire, oil and energy and health classes.”

Tosin Runsewe, the chief client officer, said: “The results reflect our concerted efforts to deliver on the growth objectives for 2016. During the period, we focused on understanding our customers better, in order to provide bespoke services to suit their needs. In the same vein, we developed service initiatives to further improve our processes and service delivery standards. Lastly, we have fortified our underwriting team by improving our internal actuarial capabilities.

“Our asset management subsidiary also secured regulatory approval for the launch of our Mutual funds. With this, we expect additional growth in our third party AUMs, further diversifying our offerings as a one-stop shop for risk and asset management services.”

AXA Mansard was incorporated in 1989 as a private limited liability company and is registered as a composite company with the National Insurance Commission of Nigeria (NAICOM). The Company offers life and non-life insurance products and services to individuals and institutions across Nigeria while also offering health insurance, investment management and pension management services through its subsidiaries, AXA Mansard Health Limited, AXA Mansard Investments Limited and AXA Mansard Pensions Limited, respectively.