Three Insurance Firms Gain N64.96bn From Gross Written Premium

THREE insurance companies have generated N64.96bn from Gross written Premium (GWP) in their half-year financial reports.

The companies linked their revenue to growth across lines of businesses in the market even as stakeholders believe that one of the ways to drive industry penetration would be through stronger underwriting capacity.

The three underwriting firms had recently done a virtual yearly general meeting.

The insurance companies are AXA Mansard Insurance Plc, Mutual Benefits Assurance Plc and Sovereign Trust Insurance Plc.

The breakdown of their premiums are AXA Mansard (N37.18 billion), Mutual Benefits (N19.98 billion) and Sovereign Trust (N7.8 billion).

Speaking on the performance, the Chief Financial Officer, Axa Mansard, Mrs. Ngozi Ola-Israel, explained that despite the tough operating environment, the organisation was able to deliver strong results in the half-year.

Ola-Israel stated that the organisation delivered ₦37bnn in revenues, up 22% from ₦30.5bn recorded in the corresponding period last year.

“The decline in profit before tax was caused by fair value losses on financial assets, which is reflective of the financial market conditions,” she said.

The Chairman, Mutual Benefits, Dr. Akin Ogunbiyi, also explained that despite the headwinds posed by the COVID-19 pandemic, the Gross Premiums Written rose from N18.70bn in 2019 to N19.98bn in 2020.