Four insurance firms with released first quarter results for 2024 on the Nigerian Exchange Group have recorded an after-tax profit which almost reached seven-fold from the same period of the previous year, BusinessDay analysis has shown.
These firms are AIICO Insurance, AXA Mansard Insurance, NEM Insurance and Prestige Assurance which recorded N34.22 billion in the first quarter of 2024 from N5.08 billion in the same period of 2023 which indicates 574 percent growth.
Further analysis reveals that AXA Mansard Insurance recorded the highest growth in after-tax profit of 715 percent, following Prestige Assurance, AIICO Insurance and NEM Insurance which recorded 661 percent, 515 percent and 482 percent respectively.
On the flip side, AXA Mansard Insurance recorded the highest after-tax profit of N12.88 billion in terms of value, NEM Insurance recorded N10.54 billion, AIICO Insurance recorded N8.79 billion while Prestige Assurance recorded an after-tax profit of N2.01 billion.
Analysis of individual firms
AXA Mansard Insurance
The firm’s after-tax profit grew to N12.88 billion in the first quarter of 2024 from N1.58 billion in the same period of 2023.
Insurance revenue increased to N31.85 billion from N19.43 billion. Gross written premium amounted to N64.6 billion from N34.4 billion.
AXA Mansard Insurance Plc is an insurance and asset management company in Nigeria. The company offers solution products for motor, life, travel, education and commercial insurance as well as financial advisory services, portfolio and risk management services and investment consulting services. AXA Mansard Insurance Plc head office is in Lagos, Nigeria.
NEM Insurance
The firm’s after-tax profit grew to N10.54 billion in the first quarter of 2024 from N1.81 billion in the same period of 2023.
Insurance revenue increased to N29.03 billion from N11.7 billion. Insurance service revenue amounted to N12.94 billion from N3.16 billion.
NEM Insurance Company (Nigeria) Plc offers all classes of life and non-life insurance products to the personal and corporate sectors in Nigeria. Personal products include travel, motoring, professional indemnity, goods in transit and fire and special perils. Products for small-to-medium businesses include cover for burglary, product liability, fidelity guarantee, personal/group personal accident, travel, money and motor insurance.
AIICO Insurance
The firm’s after-tax profit grew to N8.79 billion in the first quarter of 2024 from N1.43 billion in the same period of 2023.
Insurance revenue increased to N22.67 billion from N14.84 billion. Gross written premium amounted to N49.08 billion from N31.74 billion.
Aiico Insurance Plc is an insurance company in Nigeria offering life assurance and annuity, general insurance and special risk, pension management, health insurance and asset management.
Prestige Assurance
The firm’s after-tax profit grew to N2.01 billion in the first quarter of 2024 from N264.4 million in the same period of 2023.
Insurance revenue increased to N4.05 billion from N4.08 billion. Gross written premium amounted to N6.81 billion from N4.84 billion.
Prestige Assurance Plc is an insurance company in Nigeria licensed to cover all classes of non-life insurance. The company offers products for motor, marine, bond, engineering, fire, aviation, oil and gas, and general insurance.
