AXA Mansard Insurance gross premium up 19% in Q3

AXA Mansard Insurance plc, a member of the AXA Group, has announced its financial results for the third quarter ended 30th September 2022, recording 19 percent growth in gross revenue.

According to the company, its Property & Casualty was up 6 percent to N24bn, Life & Savings up 55 percent to N12 billion; while health rose 19 percent to N23bn.

Ngozi Ola-Israel, chief financial officer, commenting on the performances said, “2022 has been a challenging and dynamic year for the business occasioned by heightened levels of inflation and the consequent impact on businesses and households.

Despite these, the firm says it delivered double-digit revenue growth of 19 percent year on year (YoY) from N48.8 billion to N57.9 billion and 19 percent YoY net premium income growth from N27.1 billion to N34.7 billion at the end of the third quarter of the year.

“We remain strongly focused on disciplined execution of our portfolio growth ambitions and have delivered 6 percent, 55 percent and 19 percent growth on our property and casualty (P&C), Life and Health businesses respectively.”

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“This performance further reinforces our resilience and capacity to produce sustainable results. We advanced with our focus on profitability also with profits before tax for the insurance business growing by 6 percent YoY while the health business commenced recovery in this third quarter and is positioned to record profits for the full year.”

Investment incomes provided strong support for the group performance as well, growing 29 percent YoY

Commenting on the results at the end of the third quarter of 2022, Kunle Ahmed, chief executive officer of AXA Mansard Insurance said, “despite the challenges within the business operating environment, the company’s performance reaffirms the company’s resilience and its strategy for long term growth and sustainable strong performance with a focus on identifying new growth areas in our markets, strengthening our partnerships, and refining our distribution strategy as we grew revenues by 19 percent.

With focus on prioritisation and efficiency, the firm says its taking steps to strengthen its balance sheet as well as its underwriting and claims management processes.

Looking forward to 2023, Ahmed said the last quarter of the year presents a crucial opportunity to consolidate our wins and all other measures that will help us navigate the current economic environment, whilst we continue to take strategic steps to keep advancing as an exceptional insurer with great financial strength and excellent underwriting capabilities.