By Rosemary Onuoha

Despite the challenging operating environment, Axa Mansard Insurance Plc, has announced a 29 percent increase in its Gross Written Premium (GWP) for the 2019 financial year.

According to its 2019 unaudited financial report, GWP stood at N43.62 billion from N33. 92 billion recorded in 2018.

The company’s net premium income grew by 34 percent to N26.34 billion from N19.7 billion within the period under review.

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While profit before tax recorded a six percent increase to N3.57 billion in 2019 compared with N3.38 billion in 2018, the profit after tax moved up by eight percent to N2.67 billion in 2019 as against N2.48 billion.

The company recorded a 27percent growth in total assets from N73.77 billion to N93.33 billion within the same period while the group’s shareholders’ funds increased to N24.90 billion from N20.93 billion representing a 19 percent growth.

Axa Mansard paid total claims of N17.88 billion in 2019 from N12. 13 billion paid out in 2018.

Commenting on the performance, Mr. Kunle Ahmed, Chief Executive Officer, 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 29 percent despite the challenging operating environment.”

Commenting on the results, Mrs. Ngozi Ola-Israel, the Chief Financial Officer 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 percent dip in operating expenses. Overall, profit after tax grew eight percent while net assets also grew by 17percent.”

Vanguard