AXA Mansard posts N28.64bn in gross written premium in Q1

AXA Mansard Insurance Plc recorded a Gross Written Premium of N28.64bn at first representing a 14 percent increase 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 […]

AXA Mansard Insurance Plc recorded a Gross Written Premium of N28.64bn at first representing a 14 percent increase 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 N25.07bn to N28.64bn 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.

Also on the financial growth at the end of the first quarter of 2022, the Chief Executive Officer, AXA Mansard Insurance, Kunle Ahmed, confirmed that they have begun the fiscal year 2022 on a solid footing, though they recorded a temporary setback on PBT despite growing revenue by double digit.