By Innocent Anaba
Chief Executive Officer of AXA Mansard Insurance Plc, Mrs. Yetunde Ilori, has commended the National Insurance Commission, NAICOM, for its effective regulatory functions that has raised the standard of operations in the nation’s insurance industry and also maintain integrity by industry operators.
Speaking at the company’s 25th Annual General Meeting held recently in Lagos, Mrs. Ilori, said that “NAICOM was established to ensure effective administration, supervision, regulation, monitoring and control of the business of insurance in Nigeria. In addition, they protect insurance policyholders and the insurance industry and have fared well, this is manifest by the performance and growth indices recorded across the industry.”
On the level of support it enjoys from the regulatory body with regards to its operations and growth, Mrs. Ilori said, “NAICOM, in administering its regulatory functions, has shown commitment at ensuring that Insurance companies operating in the country are financially sound and honour their obligations towards policy holders.”
Pleased with the result declared at the meeting, the shareholders said, “We commend the resilience of the board and management of AXA Mansard Insurance for recording growth in virtually all the performance indices. We equally appreciate the five kobo per share dividend declared and encourage you to do more in subsequent years.”
Chairman, AXA Mansard Insurance, Mr. Olusola Adeeyo, while presenting the company’s 2016 financial result said the company recorded a 25 per cent increase in gross written premium from N16.6 billion in 2015 to N20.7bn in 2016, adding that net premium income of the company grew from N9.9bn in 2015 to N10.9bn, while profit before tax rose by 50 per cent from N2.02bn to N3.1bn in 2016.
He said, “Despite 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 N2.7bn from N1.7bn in 2015. Our balance sheet remained robust in 2016, experiencing moderate growth of seven per cent in total assets to N55bn from N51.21bn in 2015.”
The company he noted, has vision to be the leading African financial services provider, delivering superior solutions to our customers while exceeding stakeholders’ expectations.