AXA Mansard Insurance Plc has announced a Gross Written Premium (GWP) of N43.62billion in 2019 up by 29per cent from N33. 92billion recorded in 2018 in its unaudited financial report 2019.
The company’s Net Premium Income also grew by 34per cent to N26.34billion from N19.7billion within the period under review.
While Profit before Tax recorded a 6per cent increase to N3.57billion in 2019 compared with N3.38 billion in 2018, the Profit after Tax moved up by 8per cent to N2.67billion in 2019 as against N2.48billion recorded as at December 2018.
The statement, in addition, showed a 27 per cent growth in total assets from N73.77billion to N93.33 billion within the same period while the group’s shareholders’ funds increased to N24.90billion from N20. 93billion representing a 19per cent growth.
AXA Mansard paid total claims of N17.884billion in 2019 from N12. 130billion paid out in 2018.
Commenting on AXA Mansard’s financials at the end of December 2019, Mr Kunle Ahmed, the Chief Executive Officer, AXA Mansard Insurance, said “Our focus on identifying new growth areas in our markets, strengthening our partnerships and refining our distribution strategy continues to pay off as we grew revenues by 29per cent despite the challenging operating environment.
“The 47per cent growth in net claims is also a testament of our capability to pay all valid claims promptly even as we transit from just a payer to the partner of our numerous customers” Kunle said.
He added AXA Mansard Insurance remains an outstanding Insurer with strong financial strength and excellent underwriting capabilities, stating that the organization has demonstrated this over the years through its superior financial and technical competencies.
Commenting on the results, Mrs Ngozi Ola-Israel, the Chief Financial Officer said “We achieved strong double-digit growth in GWP (29%) with growth experienced across key lines of business.
“In addition, our focus on cost optimisation and efficiency ensured a 6per cent dip in OPEX. Overall, Profit after tax grew 8pr cent while net assets also grew by 17per cent” Ngozi noted.
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