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AXA Mansard Insurance posts 27% growth in premium

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AXA Mansard Insurance plc, a member of the AXA Group has announced its financial results for the full year ended December 31, 2021, recording a Gross Written Premium of N60.20 billion, up 27 percent from N47.58 billion in December 2020.

The insurer recorded a 12 percent decline in investment and other incomes to N6.25 billion from N7.09 billion in December 2020.

Its Profit Before Tax was N5.78 billion in the review year, down 4 percent from N6.04 billion recorded in December 2020, while profit after Tax was N3.74 billion, down 17 percent from N4.50 billion in December 2020

Commenting on AXA Mansard’s financials at the end of December 2021, Kunle Ahmed, chief executive officer, AXA Mansard Insurance, said, “We delivered strong revenue growth across all our business lines despite the challenging macroeconomic terrain and yield environment.”

Ahmed said the strong revenue growth would have been impossible without the support of our customers and partners and we are immensely grateful. The growth in net claims is also a reflection of our financial ability to meet the promise we made to all our policyholders.

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AXA Mansard Insurance continues to be an exceptional insurer with great financial strength and excellent underwriting capabilities. This has been shown over the years by the organization’s exceptional financial and technical capabilities, he said.

Commenting on the results, Ngozi Ola-Israel, chief financial officer said. “The business delivered strong growth across various indices; GWP grew 27 percent YoY from ₦47.58 billion to 60.2 billion and improved underwriting efficiency underpinned by ₦9.23 billion in underwriting profit, growing 24 percent YoY from ₦7.44 billion.

The decline of 4 percent and 17 percent respectively in the PBT and PAT is largely driven by fair values losses and non-recurrence of gain on disposal of subsidiary in the previous year.

Further highlights of the financials show a total assets of N104.06 billion, up 10 percent from N94.44 billion as at December 2020, whereas the shareholders’ Funds was N25.11 billion, down 15 percent from N29.37 billion as at December 2020

The AXA Group is a worldwide leader in insurance and asset management, with 160,000 employees serving 108 million clients in 57 countries, while AXA Mansard was incorporated in 1989 as a private limited liability company and is registered as a composite company with the National Insurance Commission of Nigeria (NAICOM).