Axa Mansard, a member of Axa Group and a leading player in the Insurance and Asset management industry, in line with the regulatory requirement, has advised the exchange ahead of its board’s meeting to consider the full year audited financials among other issues.
‘’AXA Mansard Insurance Plc hereby informs The Exchange, esteemed shareholders and stakeholders that the Board of Directors of AXA Mansard Insurance Plc. is scheduled to meet on Wednesday, 13th of February, 2019 to consider the Audited Financial Statements for the year ended December 31, 2018.’’
In the notice dated January 25, the insurer also stated that ’’ Issues relating to Dividend, the hospital project, and other agenda items may also be discussed at the meeting’’
Consequent upon the scheduled Board meeting, Axa Mansard informed the investment community of its closed period for trading in the company’s shares in which insiders are prohibited from dealing with AXA Mansard securities.
The close period as stated in the notice would extend from January 29 till the release of the Audited Financial Statements on the floor of the Nigerian Stock Exchange.
The Audited Accounts is expected to be forwarded to the National Insurance Commission (NAICOM) for approval, following the endorsement of the Board, before the release of the results on the floor of the Nigerian Stock Exchange.
At the close of trading on Monday, January 28, shares of Axa Mansard remained flat at N1.95 per share although it traded at N2.00 on the 24th, near its highest of N2.02 since share price fell to a more than five-year low on December 13 of last year, when Frederic Flejou a Non-executive Director retired from the Board of the insurance firm.
Businessday analysis of the insurance company’s results for nine months to September 30, 2018, show that the group’s gross premium written grew by 28.09 percent to N28.95 billion as against N22.60 billion recorded in 2017.
Similarly, its net premium income surged by 40.66 percent to N14.52 billion, on the back of a 25.75 percent growth in the firm’s gross premium income to hit N24.71 billion from N16.65 billion in the corresponding period of 2017 offsetting increase in re-insurance expense which grew by 9.33 percent in the period under review.
The profit before tax of the insurance firm also surged between January and September 2018 to reach N3.36 billion; this is 18.20 percent higher than N2.84 billion achieved in the same period of 2017. However, increase in tax up to 238.4 percent over the 2017 tax expense of N209 million, pared profit after tax to N2.64 billion, a paltry improvement of 0.61 from the post-tax figures in nine months 2017.
Earnings Per Share (basics) grew 18.22 percent in nine months 2018 to N23.23 per share as against N19.65 in 2017.
AXA Mansard Insurance Plc offers insurance, financial advisory, portfolio and risk management, and investment consulting services. The company was incorporated on June 23, 1989, while it got listed on the NSE on November 19, 2009.
SEGUN ADAMS
