AXA Mansard Insurance posts N44.97b premium in six months

AXA Mansard Insurance Plc, a member of the AXA Group has recorded a gross written premium of N44.97 billion in half year results, up by 21 per cent from N37.18 billion in June 2021.  The financial statements of the company showed that the net premium income of N22.75 billion, up 31 per cent from N17.42 […]

AXA Mansard Insurance Plc, a member of the AXA Group has recorded a gross written premium of N44.97 billion in half year results, up by 21 per cent from N37.18 billion in June 2021.

 The financial statements of the company showed that 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.

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The 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 N45.1billion to N37.2 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.   

 Ola-Israel noted that the performance further reinforces the firm’s resilience and capacity to produce sustainable results.