AXA Mansard Reports 21% Increase In Gross Written Premium

AXA Mansard Insurance Plc has revealed that its gross written premium rose to N44.97 billion in June 2022, from N37.18 billion in June 2021, which indicates 21% increase.

According to a statement the net premium income rose by 31 per cent to N22.75 billion, from N17.42 billion in June 2021, while investment and other income rose by 94 per cent to N2.42 billion, from N1.24 billion in June 2021.

In June 2022, profit before tax declined to N1.30 billion compared to N3.16 billion recorded in June 2021

Operating expenses rose by 10 per cent to N4.87 billion, from N4.41billion in June 2021.

Profit after tax of N0.87 billion also reflected a 62 per cent decrease from N2.29 billion in June 2021.

Speaking on the financial performance of the company, the Chief Financial Officer, AXA Mansard Insurance, Ngozi Ola-Israel, said, “We delivered double-digit revenue growth of 21 per cent YoY from N45.1billion to N37.2 billion and 31 per cent YoY net premium income growth from 17.4 billion to 22.7 billion in the first half of the year despite tough macro-economic conditions, particularly in the second quarter of the year.”

“We remained strongly focused on the disciplined execution of our portfolio growth ambitions by delivering eight per cent, 68 per cent and 21 per cent growth on our P&C, Life and Health businesses respectively.”

Also speaking on the performance, Kunle Ahmed, the Chief Executive Officer, AXA Mansard Insurance, 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 per cent.”