AXA Mansard Insurance reports 180% growth in profit before tax

AXA Mansard Insurance plc, a member of the AXA Group has announced its financial results for the half-year ended June 30, 2020, grew profit after tax by 180per cent translating to of N4.4bn from N1.6bn recorded in June 2019.

The company grossed N30.54billion in Gross Written Premium up by 4per cent from N29.36billion in June 2019.

Net Premium Income of N15.63bn, up 29pe cent from N12.08bn in June 2019. Investment and Other Income of N4.1bn, up 44per cent from 2.84bn in June 2019

Operating Expenses of N3.89bn, grew up to 10% in 2020 from N3.52bn the corresponding year, 2019 while profit after tax leapt upwards to N3.61bn, up 154per cent from N1.42bn in June 2019.

According to a statement from the company, Total Assets was increased to N101.72bn, up 10per cent from N92.28bn as at December 2019, Insurance Liabilities of N33.84bn, up 34per cent from N25.16bn as at December 2019.

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Group Shareholders’ Funds rose to N29.87bn, up 18per cent from N25.26bn as at December 2019,  Insurance Shareholders’ Funds of N25.89bn, went up to 12per cent from N23.09bn as at December 2019.

Key Ratios, according to the firm, include an operating expense Ratio which dropped marginally to 11per cent 2020 to June 2019 or 13per cent. Underwriting Expense Ratio of 7per cent dropped from 8per cent in June 2019.

Commenting on the results the Chief Financial Officer, Mrs Ngozi Ola-Israel,  said “In this half-year, we delivered 4per cent growth in gross revenues and a remarkable 154per cent growth in profit after tax driven by our continued focus on increasing technical and operational efficiencies.

“We remain committed to partnering with our customers to find ways to remain supportive of their business as we wade through this challenging period.

Commenting on AXA Mansard’s financials at the end of June 2020, Mr Kunle Ahmed, the Chief Executive Officer of, AXA Mansard Insurance, said “AXA Mansard has demonstrated resilience in the challenging context of the Covid-19 pandemic, in the first half of 2020.

“Growth in Health lines remained strong and continued to accelerate throughout the first six months of the year.

“The Covid-19 pandemic has shown the critical role of insurance in protecting societies and supporting economic recovery, we will continue to proffer solutions to ease the pain points of our clients”

The AXA Group is a worldwide leader in insurance and asset management, with 160,000 employees serving 108 million clients in 57 countries.

In 2019, IFRS revenues amounted to Euro 103.5 billion and IFRS underlying earnings to Euro 6.5billion.

AXA had Euro 969 billion in assets under management as of December 31, 2019. The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA).

AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY. The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.

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