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AXA Mansard Insurance Plc has said despite the challenging operating environment, it recorded a 29 per cent increase in its gross written premium to N43.62 billion in 2019 from N33. 92 billion recorded in 2018.
The company’s financial statement revealed adding that; Net premium income grew by 33 per cent to N26.29 billion from N19.70 billion.
While Profit before tax saw a 16 per cent increase to N3.93 billion in 2019 as against N3.38 billion in 2018, the profit after tax was up by 17 per cent to N2.91billion in 2019 as against N2.48 billion in 2018.
In addition, total assets grew by 25 per cent from N73.77 billion to N92.28 billion while the group’s shareholders’ funds increased to N25.26 billion from N20. 93 billion, representing a 21 per cent increase. However, shareholders’ funds stood at N23.08 billion, up 38 per cent from N16.77 billion as at December 2018.
The underwriter further revealed that it paid total claims of N17.88 billion in 2019 from N12. 13 billion in 2018.
Commenting on the financials result, the Chief Executive Officer, AXA Mansard Insurance, Kunle Ahmed, 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 per cent despite the challenging operating environment.
“The 44 per cent 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.
“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.”
Also speaking, the Chief Financial Officer, Ngozi Ola-Israel, said: “We achieved strong double-digit growth in GWP with growth experienced across key lines of business. In addition, our focus on cost optimisation and efficiency ensured a six per cent dip in OPEX.’
