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AXA Mansard Insurance plc. reports N25.3bn shareholders funds for full year 2019(Audited)

AXA Mansard Insurance plc, a member of the AXA Group announces its audited financial results for the period ended December 31, 2019

Financial Highlights and Ratios

Income Statement Highlights
• Gross Written Premium of N43.62bn, up 29% from N33.92bn in December 2018
• Net Premium Income of N26.29bn, up 33% from N19.70bn in December 2018
• Investment and Other Income of N6.27bn, down 0.3% from 6.29bn in December 2018
• Operating Expenses of N8.05bn. down 4% from N8.40bn in December 2018
• Profit before Tax of N3.93bn, up 16% from N3.38bn recorded in December 2018
• Profit after Tax of N2.91bn, up 17% from N2.48bn in December 2018

Statement of Financial Position Highlights
• Total Assets of N92.28bn, up 25% from N73.77bn as at December 2018
• Insurance Liabilities of N25.16bn, up12% from N22.54bn as at December 2018
• Group Shareholders’ Funds of N25.26bn, up 21% from N20.93bn as at December 2018
• Insurance Shareholders’ Funds of N23.08bn, up 38% from N16.77bn as at December 2018

Key Ratios
• Operating Expense Ratio of 14% (December 2018: 18%)
• Underwriting Expense Ratio of 8% (December 2018: 12%)
• Loss / Claims Ratio of 45% (December 2018: 53%)
• Re-Insurance Cost Ratio of 37% (December 2018: 22%)
• Return on Average Equity of 17% (December 2018: 12%)
• Return on Average Asset of 5% (December 2018: 4%)
• Earnings per Share of 26.24k (December 2018: 21.35k)

FINANCIAL SUMMARY

Commenting on the results, Mrs. Ngozi Ola-Israel, the Chief Financial Officer said “We achieved strong double-digit growth in GWP (29%) with growth experienced across key lines of business. In addition, our focus on cost optimisation and efficiency ensured a 4% dip in OPEX. Overall, Profit after tax grew 17% while the shareholders’ funds for the group also grew by 21%.

Commenting on AXA Mansard’s financials at the end of December 2019, Mr. Kunle Ahmed, the Chief Executive Officer, AXA Mansard Insurance, said “Our focus on identifying new growth areas in our markets, strengthening our partnerships and refining our distribution strategy continues to pay off as we grew revenues by 29% despite the challenging operating environment. The 44% growth in net claims is also a testament of our capability to pay all valid claims promptly even as we transit from just a payer to the partner of our numerous customers.

He further added, “AXA Mansard Insurance remains an outstanding Insurer with strong financial strength and excellent underwriting capabilities. The organization has demonstrated this over the years through its superior financial and technical competencies.”

About the AXA Group

The AXA Group is a worldwide leader in insurance and asset management, with 160,000 employees serving 108 million clients in 57 countries. In 2019, IFRS revenues amounted to Euro 103.5 billion and IFRS underlying earnings to Euro 6.5billion. AXA had Euro 969 billion in assets under management as of December 31, 2019. 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. The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.

About AXA Mansard

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). The Company offers life and non-life insurance products and services to individuals and institutions across Nigeria whilst also offering asset/investment management services, health insurance solutions and pension fund administration through its three subsidiaries – AXA Mansard Investments Limited, AXA Mansard Health Limited and AXA Mansard Pensions Limited respectively. AXA Mansard was listed on the Nigeria Stock Exchange in November 2009.

AXA Mansard Insurance plc is rated B+ by A.M. Best (2019) for Financial Strength.
For further enquiries:

marketingteam@axamansard.com : +234 1 279 3484 ext. 3484
chinwe.aaron@axamansard.com
Oluwayemisi.Toni-Akinola@axamansard.com
nkiru.umeh@axamansard.com

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