By Ebere Nwoji
AXA Mansard Insurance Plc has announced a Gross Written Premium (GWP) of N43.62 billion for its financial year ended December 31, 2019.
This showed a 29 per cent growth from N33. 92 billion recorded in 2018.
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 company’s 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. This represented a 21 per cent growth. However, the insurer’s shareholders’ funds hit N23.08 billion, which was a 38 per cent from N16.77 billion as at December 2018
AXA Mansard paid total claims of N17.884 billion in 2019 from N12. 130billion paid out in 2018.
Commenting on the performance, Chief Executive officer AXA Mansard Insurance, Mr. Kunle Ahmed, 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.
He said the 44 per cent growth in net claims is also a testament of the company’s capability to pay all valid claims promptly.
“AXA Mansard Insurance remains an outstanding Insurer with strong financial strength and excellent underwriting capabilities. The organisation has demonstrated this over the years through its superior financial and technical competencies,” Ahmed said.
Also commenting on the results, the Chief Financial Officer of the company, Mrs. Ngozi Ola-Israel, 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 six per cent dip in OPEX. Overall, Profit after tax grew 17pr cent while net assets also grew by 21per cent.