AXA Mansard Insurance Posts N1.42bn H1 2019 Profit

Lagos – AXA Mansard Insurance plc, a member of the AXA Group, has submitted its unaudited financial results for the period ended June 30, 2019  to the informed the management and stockbrokers of the Nigerian Stock Exchange (NSE).

Financial Highlights show that gross written premium rose by 25 per cent from N23.54 billion in the comparable period of 2018 to N29.36 billion, net premium income stood at N12.08 billion, up 26 per cent from N9.56 billion in June 2018, while investment and other income of N2.84 billion, down 13 per cent from N3.28 billion in June 2018.

Operating expenses remain flat when it stood at N3.52 billion like it was recorded in the corresponding period of 2018, profit before tax of N1.57 billion went down  by 16 per cent from N1.87 billion recorded in June 2018 while profit after tax slipped by 8 per cent to  N1.42 billion from N1.54 billion.

In the statement of financial position, the company’s total assets went up by 14 per cent to N81.24 billion from N73.77 billion as at December 2018, insurance liabilities rose by 32 per cent to N29.65 billion from N22.54 billion as at December 2018, group shareholders’ funds improved from N20.49 billion in December 2018 to N22.49 billion, representing an improvement of 8 per cent.

Commenting on the results, Mrs. Ngozi Ola-Israel, the Chief Financial Officer said: “At the end of the half year, we grew top line (gross written premium) by 25 per cent and underwriting profits by 9 per cent with no growth in operating expenses compared to last year.

“This positive performance is an indication that our efforts to continually grow the business profitably are on track. However, our profit after tax dipped by 8 per cent driven by one off loss on the sale of part of our investment property”.

Also commenting, Mr. Kunle Ahmed, the Chief Executive Officer, AXA Mansard Insurance, said “Prompt claims payment remains critical to the actualization of insurance companies’ promise to return clients to their pre-loss financial position. The group closed with gross claims payment of N6.8billion to various clients, attesting to our well tested commitment to meeting our obligations to our customers”.

Commenting further on the results, Ahmed said: “The group closed with shareholders’ fund of N22.5 billion, representing a growth of 8per cent from our position as at the end of 2018. Specifically, for our insurance business, we closed half year with shareholders’ fund of N18.2 billion.

“This bodes well for our insurance business and puts us in a very good place for the future in terms of the impending change in capital requirements. AXA mansard will continue to operate as a composite insurance company, delivering service to our teeming customers across both general and life businesses”. Ahmed added.

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