Ebere Nwoji
AXA Mansard Insurance Plc, a member of the AXA Group and a global insurance and asset management firm has said that its Insurance revenues rose by 13 per cent to N19.4 billion for the first quarter ended March 31, 2023.
The company said following the implementation of the IFRS17 and IFRS9 accounting standards, which became effective from January 1, 2023 gross earned premiums (Insurance revenues) now becomes the principal revenue indicator.
Giving a breakdown of the company’s performance in its unaudited financial report for the period, the company’s Chief Financial Officer, Mrs. Ngozi Ola-Israel said the company grew its own Life & Savings by 23 percent to N4.7 billion while Health rose by 23 to N7.5 billion.
According to her, Property, and Casualty insurance went down by two percent standing at N7.3 billion, while gross written premium grew by 20 percent to ₦34.4 billion.
Also Life and Savings grew by 20 percent to N6.88 billion with Health up by 22 percent to N12.9 billion and Property & Casualty up by 19 percent to N14.9 billion.
She further said that commercial activity of insurance operations would now be reported using insurance (earned) revenues as against gross written premiums (“GWP”).
The reinsurance expenses according to her would now be reflected as “net expenses from reinsurance contracts held with the main difference from what was previously reported being the netting of commissions received and claims recoveries from assumed reinsurance businesses while asset management, commercial activity continued to be measured on revenues.
