Insurance and You

December 9, 2020

AXA Mansard reports 169% growth in profit after tax

AXA Mansard

By Rosemary Onuoha

AXA Mansard Insurance Plc, a member of the AXA Group, has recorded 169 percent growth in profit after tax of N5.67 billion for the third quarter ended September 30, 2020, from N2.11 billion in September 2019.

In a statement by the company, gross written premium went up by five percent at N39.46 billion from N37.43 billion while net premium income went up by 24 percent at N23.75 billion from N19.13 billion.

According to the company, investment and other income went up by 64 percent to N6.56 billion from N3.98 billion; operating expenses went up by six percent to N5.92 billion from N5.58 billion, while profit before tax went up by 192 percent to N7.06 billion from N2.42 billion recorded in September 2019.

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Commenting on the results, the Chief Financial Officer of the company, Mrs. Ngozi Ola-Israel, said. “The business has remained resilient over the quarter delivering 63 percent growth in underwriting profit and a remarkable 169 percent growth in profits after tax.

“We remain committed to technical and operational excellence to enable us to continue to deliver strong results.”

Also speaking on the financials, Chief Executive Officer, AXA Mansard Insurance, Kunle Ahmed said: “AXA Mansard’s continuous demonstration of resilience in the challenging context of the Covid-19 pandemic through the third quarter of 2020 is a testament of our ability to adjust and evolve in different trying times.

“Growth in health lines remained strong and continued to accelerate throughout the third quarter of the year.

“The Covid-19 pandemic and the economic losses subsequent to “ENDSARS” crisis has shown the critical role of insurance in protecting societies and supporting economic recovery. We will continue to proffer solutions to ease the pain points of our clients.”

Vanguard News Nigeria