AXA Mansard Insurance ends Q3’16 with 25% growth in GWP

HOPE MOSES-ASHIKE

AXA Mansard Insurance plc, a member of the AXA Group recorded Gross Written Premium of N16.94 billion at the end of third quarter financial result. This represents 25 percent increase compared to N13.5 billion posted in September 2015.

The company’s Gross Premium Income rose by 22 percent to N15.23 billion at the end of the third quarter 2016 from N12.48 billion in the preceding year.

Profit before Tax of the company skyrocketed to N3.71 billion, which is 87 percent increase from N1.99 billion in September 2015, while profit after Tax went up 71 percent from N1.77 billion in September 2015 to N3.04 billion in the third quarter.

Also the company’s Reinsurance Expense of N6.78 billion went up by 31 percent in Q3 2016 from N5.17 billion in September 2015.

Net Premium Income of the company at N8.45bn, was up by 16 percent from N7.31 billion in September 2015. Investment and Other Income of N5.88 billion, increase 63 percent from N3.59 billion in September 2015.

Total Assets grew by 12 percent to N57.6 billion in Q3 2016 from N51.21 billion as at December 2015. Insurance Liabilities up 23 percent to N15.9 billion from N12.92 billion as at December 2015, while Shareholders’ Funds of N17.9 billion, grew by 3% from N17.41 billion as at December 2015.

Commenting on the result, Rashidat Adebisi, the Chief Financial Officer said “Despite the economic recession, we ended the third quarter with a 25 percent growth in GWP, with growth experienced across most segments of the business. We experienced a 27 percent growth in claims driven by the Health, Fire and Oil & Energy classes. However, the impact of the growth in claims on profitability was muted by a 63% growth in Investment and Other income. This growth was driven by a combination of increased yield on financial assets and exchange gains”.

Also commenting on the result, Tosin Runsewe, the Chief Client Officer, said “We are constantly repositioning to serve our customers better. We recognise this as the basis of sustaining long-term value and are currently rolling out value adding digital and customer experience initiatives for our customers”