AXA Mansard Insurance GWP up 22% in half year

AXA Mansard Insurance plc, a member of the AXA Group, has announces a 22 percent growth in Gross written premium for the half year ended June 30, 2021, moving from N30.54 billion in 2020 to N37.18 billion in 2021.

Due to the harsh operating environment occasioned by Covid-19 and other economic headwinds, investment income dropped by 70percent from N4.10 billion in June 2020 to N1.24 billion in the same period in 2021.

Profit before Tax was N3.16 billion, down by 28 percent from N4.4 billion recorded in June 2020, while Commenting on the results, Ngozi Ola-Israel, chief financial officer, said “Despite the tough operating environment, AXA mansard delivered strong results in the half year ended 30thJune, 2021.

She said the performance further re-enforces our resilience and capacity to produce sustainable results. “We delivered N37 billion in revenues, up 22 percent from N30.5 billion recorded in the corresponding period last year. “The decline in PBT was driven by fair value losses on financial assets, which is reflective of the financial market conditions in Nigeria. We however, remain committed to delivering strong growth and profitability in the 2nd half of the year.”

Kunle Ahmed, chief executive officer, AXA Mansard Insurance, commenting said “The revenue recorded growth despite the effects of the economy and COVID 19 new normal on businesses and household income, but attributable growth to the support of our Partners, the continued improvement in service delivery to our clients and the commitments of our people.

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“We have maintained a strong performance especially in our P & C and Health portfolios in the first six months of the year. We will continue to work hard to accelerate growth across all our lines of businesses by launching digital solutions to improve our engagement with Partners and refine our Risk Management advisory services as value add to our various customers.

The Group’s total assets appreciate to N102.90 billion, up 9 percent from N94.43 billion as of December 2020, while group Shareholders’ Funds was N33.62 billion, down 1 percent from N33.94 billion as of December 2020

The AXA Group is a worldwide leader in insurance and asset management, with 153,000 employees serving 105 million clients in 54 countries. In 2020, IFRS revenues amounted to Euro 96.7 billion and underlying earnings to Euro 4.3 billion. AXA had Euro 1,032 billion in assets under management as of December 31, 2020.

The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.