Insurer reports N43.62 billion gross written premium in 2019

AXA Mansard Insurance Plc has announced a Gross Written Premium (GWP) of N43.62 billion in 2019 up by 29 per cent from N33. 92billion recorded in 2018 in its unaudited financial report 2019.

The company’s Net Premium Income also grew by 33per cent to N26.29 billion from N19.70billion within the period under review.

While Profit before Tax recorded a 16 per cent increase to N3.93 billion in 2019 compared with N3.38 billion in 2018, the Profit after Tax moved up by 17 per cent to N2.91billion in 2019 as against N2.48 billion recorded as at December 2018.

The statement, in addition, showed a 25 per cent growth in total assets from N73.77 billion to N92.28 billion within the same period while the group’s shareholders’ funds increased to N25.26 billion from N20. 93 billion representing a 21 per cent growth.

However, insurance shareholders’ funds of N23.08 billion, up 38% from N16.77 billion as of December 2018

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AXA Mansard paid total claims of N17.884 billion in 2019 from N12. 130billion paid out in 2018.

Commenting on AXA Mansard’s financials at the end of December 2019, The Chief Executive Officer, AXA Mansard Insurance, Mr Kunle Ahmed, said the company is poised on identifying new growth areas in the markets, strengthening partnerships and refining our distribution strategy continues to pay off as we grew revenues by 29 per cent despite the challenging operating environment.

“The 44 per 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.

He further added, “AXA Mansard Insurance remains an outstanding Insurer with strong financial strength and excellent underwriting capabilities. The organization has demonstrated this over the years through its superior financial and technical competencies.”

Speaking also, The Chief Financial Officer, Mrs Ngozi Ola-Israel, said the company achieved strong double-digit growth in GWP (29%) with growth experienced across key lines of business.

She added that the company’s focus on cost optimisation and efficiency ensured a six per cent dip in OPEX, saying that the Overall, Profit after tax grew 17 per cent while net assets also grew by 21per cent.

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