AXA Mansard Insurance has announced its financial results for the end of the first half of the year that ended June 30, 2021.
In the Income Statement of comprehensive income highlight from June 2020 to June 30th, 2021, the company’s Gross Written Premium grew by 22% from N30.54bn to N37.18bn.
AXA Mansard recorded a Net Premium Income increase from N15.67bn in 2020 to N17.42bn in 2021, while investments and other income declined by 70% from N4.10bn to N1.24bn.
It also recorded an operating expenses of N4.41bn in 2021 from N3.89bn in 2020, representing a 13% growth increase.
The firm stated that its Profit before Tax dropped from by 28% from N4.4bn recorded in 2020 to N3.16bn while Profit after Tax dropped by 37% to of N2.29bn from N3.61bn recorded in 2020.
The firm’s total assets hit a high of 9% from N94.43bn recorded in December 2020 to N102.90bn while it insurance liabilities increased by 38% to N40.89bn from N29.60bn recorded in 2020.
Also, Group Shareholders Funds dropped by 1% to N33.62bn compared to last year’s 33.94b.
Meanwhile, insurance shareholders finds of N30.07bn, got a 2% high from N29.37bn in December 2020, to N30.07bn in 2021.
The Chief Executive Officer, Axa Mansard, Mr Kunle Ahmed, said the revenue growth recorded, despite the effects of the economy and COVID-19 new normal on businesses and household income, was attributable to the support of the firm’s partners, the continued improvement in service delivery to clients and the commitments of staff.
he said, “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 Chief Financial Officer, Mrs. Ngozi Ola-Israel, noted that despite the tough operating environment, AXA mansard delivered strong results in the half year ended 30th June, 2021.
Ola-Israel said the performance further re-enforced the firm’s resilience and capacity to produce sustainable results.
“We delivered N37bn in revenues, up 22% from N30.5bn 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,” she said.
she stated that the firm would remain committed to delivering strong growth and profitability in the 2nd half of the year.