Nigeria: Axa Mansard Posts N21.08bn Premium

8 July 2020

AXA Mansard Insurance Plc in its unaudited financial report for 2020 announced a Gross Written Premium of N21.08 billion.

This represented 21 per cent growth from the N17.42 billion premium achieved by the company in same period in 2019.

The company's net premium income also grew to N8.25 billion, showing 39 per cent growth from N5.95 billion achieved in March 2019. Its profit before tax for the period grew by 96 per cent to N2.01 billion in 2020, compared with N1.02 billion recorded in March 2019, just as profit after tax moved up by 105 per cent to N1.82 billion in 2020, as against N89 billion in March 2019 .

The results also showed that total asset grew N104.32 billion, up by 13 per cent when compared with N92.28 billion within the same period.

Commenting on the company's unaudited result, AXA Mansard's Chief Executive Officer, Kunle Ahmed, said this was achieved despite the challenges arising from the pandemic.

"Whilst the health business remains the fastest growing and the commercial lines continues to hold its share of the market, our retail business continues to justify the investment in our retail structure with 46 per cent growth over the same period last year," Ahmed said.

Also speaking, the Chief Finance Officer, of the company, Ngozi Ola-Israel, said in the quarter under review, AXA Mansard delivered 21 per cent growth in gross revenue and 105 per cent growth in profit after tax, driven by focus on partnering with customers as well as sustained operational efficiencies.

AllAfrica publishes around 800 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.