One of the leading insurance companies in Nigeria, AXA Mansard Insurance Plc has announced a dividend of five kobo per share to shareholders for the year ended December 31, 2016.
Speaking at the annual general meeting (AGM) of the company in Lagos last Friday, the Chairman, AXA Mansard Insurance, Mr. Olusola Adeeyo said the company recorded a 25 per cent increase in gross written premium from N16.6 billion in 2015 to N20.7 billion in 2016. He also noted that net premium income of the company grew from N9.9 billion in 2015 to N10.9 billion, while profit before tax rose by 50 per cent from N2.02 billion to N3.1 billion in 2016.
“In spite of the adverse economic situation experienced in 2016, we had a successful business year with growth in almost all measures of performance. We performed even better as profit after tax went up by 63 per cent to N2.7 billion from N1.7 billion in 2015. Our balance sheet remained robust in 2016, experiencing moderate growth of seven per cent in total assets to N55billion from N51.21 billion in 2015.
Insurance liabilities in 2016 rose to N14.4 billion from N12.9bn in the previous year, while Shareholdersâ€™ Funds remained well in excess of regulatory requirements at N17.51 billion,â€ he said.
The company has vision to be the leading African financial services provider, delivering superior solutions to our customers while exceeding stakeholdersâ€™ expectations.
Shareholders of AXA Mansard Insurance commended the board and management of the company for the results.
â€œWe commend the resilience of the board and management of AXA Mansard Insurance for recording growth in virtually all the performance indices but the level of patronage by Nigerians in the insurance industry is too low when compared to the advanced economy, hence the need to encourage the insurance companies through favourable policies and actions by the regulators. We equally appreciate the five kobo per share dividend given and want to encourage you to do more,â€ they said.
However, the shareholders of the company expressed their frustration over the delay in the approval of financial results in the industry as a whole by the National Insurance Commission (NAICOM).
They stressed that the body has neglected its functions as the top regulatory body in the industry. They used the platform to call on the regulatory body to react promptly to matters that arise in the insurance sector as it would boost the industry greatly.