AXA Mansard records N9.9bn net premium in fiscal year 2015

AXA Mansard Insurance plc has recorded a 9 percent growth in Net Premium Income from N9.05bn to N9.9bn in the fiscal year 2015.

This was disclosed to the shareholders at the company’s 24th Annual General Meeting (AGM) held in Lagos.

Victor Osibodu, Chairman of the company, while speaking announced that the Board proposed final dividend of two kobo per share for the financial year ended December 31, 2015. He explained that this will make a total dividend of five kobo per share paid in the 2015 financial year after the three kobo interim dividend earlier paid in October 2015, in spite of the political and economic uncertainties in the country.

He assured the shareholders of the Board’s “continued commitment to the delivery of optimal returns whilst keeping the company a responsible corporate citizen of Nigeria”.
the shareholders were also told that the company has concluded the acquisition of a 60 percent stake in Penman Pensions Ltd in 2015, now renamed AXA Mansard Pensions, which has been repositioned to take advantage of the growth opportunities in the Pensions industry.

The organization also maintained the profit before tax at N2.02bn – same as 2014 while growing profit after tax by 8 percent to N1.7bn from N1.5bn in the previous year. Total assets grew to N51.21bn in 2015, a 14 percent rise compared to N44.89bn in 2014. Insurance liabilities were N12.92bn in 2015 also rising by 14% compared to N11.29bn in 2015 while Shareholders’ Funds grew 15% to N17.41bn from N15.20bn in the prior period.

Commenting on the organisation’s performance, the Chief Executive Officer, AXA Mansard Insurance plc, Yetunde Ilori said, “our risk pool is growing evidenced by the 14 percent growth in Insurance liabilities from N11.29bn in 2014 to N12.92bn in 2015”. She stated that the organization is working to improve its channels and distribution structure as they leverage their robust platform, group synergies and technical excellence to drive growth.

According to the Chief Client Officer, AXA Mansard Insurance plc, Tosin Runsewe “the upgrade of our brand in July 2015 from Mansard Insurance to AXA Mansard Insurance sign-posted our branding and positioning activities during the year. The global AXA brand that we now have is well recognised among our current and prospective corporate clients while our heritage of customer service as Mansard Insurance plc has remained strong with our retail customers.”

The shareholders commended AXA Mansard for its financial performance in 2015 despite the difficult operating environment globally but requested for more dividend next year.

For the third consecutive time, AXA Mansard was adjudged a “Great Place to Work” in Nigeria by the Great Place to Work Institute. The organization also emerged winner in the category for

“Promptness in Claims Settlement” in the insurance industry at the Lagos Chamber of Commerce & Industry (LCCI) Awards.

In 2015, AXA Mansard Insurance plc ratings was upgraded by A.M. Best- the world leader in Insurance risk ratings, from “bb+” (Fair) to “bbb-” (Good) for the Issuer Credit Rating (ICR) and “B” (Fair) to “B+” (Good) for Financial Strength Rating (FSR). This rating remains the highest rating received from A.M. Best by any Nigerian Insurer and second highest received by any Insurer in sub-Saharan Africa.

 

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