AXA Mansard Insurance plc, a member of the AXA Group, has announced its financial results for the full year ended December 31, 2022 recording 15 percent growth in gross written premium.
The figure moved from N60.2 billion in December 2021 to N69.02 billion, while net premium income rose to N46.1 billion, up 24 percent from N37.1 billion in the review year.
According to the statement made available to the media, profit before Tax was N3.4 billion, down 42 percent from N5.8 billion in December 2021, while Profit after Tax stood at N2.4 billion, declining 35 percent from N3.7 billion in December 2021.
Commenting on the results, Ngozi Ola-Israel, chief financial officer, said despite the macroeconomic challenges the business faced in the 2022 financial year, we delivered strong double-digit revenue growth of 15 percent YoY from N60.2bn to N69.0bn and net premium income growth of 24 percent YoY from N37.1bn to N46.1 billion.
“We have remained focused in our growth plan across business lines by delivering 49 percent and 22 percent growth on our Life and Health businesses respectively while the general business showed 3 percent decline, driven by deliberate selection of risks to drive profitability.
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She said the decline of 42 percent and 35 percent respectively in the PBT and PAT is driven by the higher claims experience in our health portfolio as well as fair value losses on our investment property.
“We made significant recoveries in H2 2022 with the health business moving from break-even position to closing with profits of 0.3billion at the end of the year. We have taken all necessary steps to strengthen our balance sheet and have set the right platform for continued profitability in 2023.”
International rating agency AM Best Rating had last year given AXA Mansard Insurance Plc’s Financial Strength Rating of B+ (Good) and Long-Term Issuer Credit Rating of “bbb-” (Good).
The outlook for these Credit Ratings (ratings), it noted is stable, reflecting AXA Mansard’s strong balance sheet, adequate operating performance, limited business profile, and appropriate enterprise risk management, as assessed by AM Best.
The ratings also reflect rating enhancement from AXA Mansard’s ultimate parent, AXA S.A.
The AXA Group is a worldwide leader in insurance and asset management, with 145,000 employees serving 93 million clients in 51 countries. In 2022, IFRS revenues amounted to Euro 102.3 billion and underlying earnings to Euro 7.3 billion. AXA had Euro 933 billion in assets under management, including assets managed on behalf of third parties, as of December 31, 2022.
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