AXA Mansard Insurance delivers strong performance with 22% growth in Gross Written Premium

AXA Mansard Insurance Plc, a member of the AXA Group has recorded a Gross Written Premium of N37.18 billion, up 22 per cent from N30.54 billion in June 2020.

According to the company, Net Premium Income of N17.42 billion went up by 11 per cent from N15.67 billion in the same year.
Investment and Other Income of N1.24 billion, went down by 70 per cent from 4.10 billion; Operating Expenses of N4.41bn, up 43 per cent N3.89 billion in June 2020, while profit before tax of N3.16 billion, declined by 28 per cent from N4.4 billion recorded in June 2020 and profit after Tax of N2.29 billion, declined by 37 per cent from N3.61 billion in June 2020.

Commenting on the results, the Chief Financial Officer, Mrs Ngozi Ola-Israel, said “Despite the tough operating environment, AXA Mansard delivered strong results in the half-year ended June 30, 2021. The performance further re-enforces resilience and capacity to produce sustainable results.

Ola-Israel stressed that the organisation delivered N37 billion in revenues, up 22 per cent from N30.5 billion recorded in the corresponding period last year. The decline in PBT was driven by fair value losses on financial assets, which is reflective of the financial market conditions in Nigeria. We, however, remain committed to delivering strong growth and profitability in the second half of the year.

Commenting on the development of the AXA Mansard’s financial position at the end of the first quarter of 2021, the Chief Executive Officer, AXA Mansard Insurance, Mr. Kunle Ahmed, said “The revenue growth recorded, despite the effects of the economy and COVID-19 new normal on businesses and household income is attributable to the support of our partners, the continued improvement in service delivery to our clients and the commitments of our people. We have maintained a strong performance, especially in our P&C and Health portfolios in the first six months of the year. We will continue to work hard to accelerate growth across all our lines of business by launching digital solutions to improve our engagement with partners and refine our risk management advisory services as a value add to our various customers.

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