Axa Mansard Records 22% Gross Premium Growth

AXA Mansard Insurance Plc has disclosed that its gross written premium increased to N37.18bn in the first half of 2021 from N30.54bn recorded in the first half of 2020.

The insurance company revealed in a statement that the net premium income also increased by 11% to N17.42bn in first half of 2021 from N15.67bn in the same period of the previous year.

The Chief Financial Officer, Mrs. Ngozi Ola-Israel noted that, “Despite the tough operating environment, AXA mansard delivered strong results in the half-year that ended 30th June 2021. The performance further reinforces resilience and capacity to produce sustainable results.”

Ola-Israel revealed that the company delivered N37bn in revenues in H1 2021, up by 22% from N30.5bn recorded in the same period last year.

The Chief Executive Officer, AXA Mansard Insurance, Mr. Kunle Ahmed noted that, “The revenue growth recorded, despite the effects of the economy and COVID-19 new normal on businesses and household income, is attributable to the support of our partners, the continued improvement in service delivery to our clients and the commitments of our people.

“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 business by launching digital solutions to improve our engagement with partners and refine our risk management advisory services as a value add to our various customers.”

The company stated that it recorded a profit before tax of N3.16bn, down by 28% from N4.4bn recorded in H1 2020 while its profit after tax fell by 37% to N2.29bn from N3.61bn.

The insurance company said the decline in PBT was driven by fair value losses on financial assets, which it revealed was reflective of the financial market conditions in Nigeria.