By Rosemary Onuoha
AXA Mansard Insurance Plc, a member of the AXA Group, said it recorded 25 percent increase in gross written premium (GWP) which rose to N29.4 billion for half year ended June 30 2019 from N23.5 billion in same period of June 2018.
The company disclosed this in its unaudited financial results released recently which showed that net premium income went up by 26 percent to N12.08 billion from N9.56 billion in June 2018.
Investment and other income however went down by 13 percent to N2.84 billion from N3.28 billion. Profit before tax went down by 16 percent to N1.57 billion from N1.87 billion recorded in June 2018.
Profit after tax also declined by eight percent to N1.42 billion from N1.54 billion in June 2018. Total assets went up by 14 percent to N81.24 billion from N73.77 billion as at December 2018.
Group shareholders’ funds went up by eight percent to N22.49 billion from N20.90 billion as at December 2018. Commenting on the result, Mrs. Ngozi Ola-Israel, the Chief Financial Officer said: “At the end of the half year, we grew top line (gross written premium) by 25 percent and underwriting profits by nine percent with no growth in operating expenses compared to last year. This positive performance is an indication that our efforts to continually grow the business profitably are on track. However, our profit after tax dipped by eight percent driven by one-off loss on the sale of part of our investment property”.
Also commenting, Mr. Kunle Ahmed, the Chief Executive Officer, AXA Mansard Insurance, said “Prompt claims payment remains critical to the actualization of insurance companies’ promise to return clients to their pre-loss financial position. The group closed with gross claims payment of N6.8 billion to various clients, attesting to our well tested commitment to meeting our obligations to our customers”.
Commenting further Ahmed said “The group closed with shareholders’ fund of N22.5 billion, representing a growth of eight percent from our position as at the end of 2018. Specifically, for our insurance business, we closed half year with shareholders’ fund of N18.2 billion. This bodes well for our insurance business and puts us in a very good place for the future in terms of the impending change in capital requirements. AXA mansard will continue to operate as a composite insurance company, delivering service to our teeming customers across both general and life businesses”.