AXA Mansard Insurance reports 24% growth in premium

AXA Mansard Insurance plc, a member of the AXA Group has announced its financial results for the third quarter ended 30th September 2021, recording a 24 percent increase in gross written premium(GWP) to N48.78 billion, from N39.46 billion in the same period in 2020.

Net Premium Income during the same period stood at N27.13 billion, up 14 percent from N23.75 billion in September 2020.

The company during the period saw 29 percent drop in profit before tax from N7.06 billion in 2020 to N5.0 billion in the review period, while profit after tax also showed the same trend to close at N3.81 billion as against N5.67 billion, dipping 33 percent.

The balance sheet expanded with total assets hitting N109.94 billion, a 16 percent growth from N94.44 billion in the previous period.

Read Also: AXA Mansard Insurance GWP up 22% in half year

Commenting on the results, Ngozi Ola-Israel, the chief financial officer, AXA Mansard Insurance said. “The business remained resilient through the third quarter delivering N48.78bn in revenues, growing 24 percent YoY from N39.46bn and N8.39bn in underwriting profit, growing 20 percent YoY from N7.01bn. The decline of 29 percent and 33 percent respectively in the PBT and PAT is driven by fair value losses in the current year compared to fair value gains in previous year and gain on disposal of a subsidiary in the previous year which did not re-occur this year. The fundamentals of the business remain strong and we remain committed to continuous improvement in our technical and operational performance as we approach the end of the year.”

Commenting on AXA Mansard’s financials at the end of September 2021, Kunle Ahmed, the chief executive officer, AXA Mansard Insurance, said “We thank our customers and partners for their continued faith in our security and service delivery, they are responsible for the GWP growth recorded in the third quarter despite the challenging economic terrain. The increase in our claims paid further emphasize our financial strength and capacity to protect businesses in a very challenging economy. As we wrap up year 2021, we will continue to improve our distribution channels, refine our service delivery and horn our underwriting and technical capabilities for the ultimate benefit of our customers”