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Chiamaka Ajeamo
AXA Mansard Insurance Plc, has posted a Gross Written Premium of N29.3 billion in the first half year 2019, indicating a 25 per cent rise compared to N23.5 billion recorded in the same period in 2018, its unaudited financial results at the end of June revealed.
The financial statement also showed that the firm’s total assets grew by 14 per cent to N81.2 billion for the period under review from N73.7 billion as at December 2018 while the net premium income stood at N12.08 billion, an increase of 26 per cent from N9.5 billion in June 2018.
Also, its shareholders’ funds rose to N18.2 billion in the period under review from N16.7 billion as at December 2018.
However, the company’s investment and other income fell by 13 per cent to N2.84 billion in 2019, from N3.28 billion in June 2018 billion while operating expenses of N3.52 billion, remained flat from N3.52 billion in June 2018. Also, its Profit before Tax dropped to N1.57 billion, down 16 per cent from N1.87 billion recorded in June 2018 with Profit after Tax of N1.42 billion was down by 8 per cent when compared to N1.54 billion recorded in Junes 2018.
Commenting on the results, its Chief Financial Officer, Ngozi Ola-Israel, said “This positive performance is an indication that our efforts to continually grow the business profitably is on track. However, our profit after tax which dipped by eight per cent was driven by one off loss on the sale of part of our investment property,” she said.
Also commenting, the Chief Executive Officer, Kunle Ahmed, said “prompt claims payment remains critical to the actualisation of insurance companies’ promise to return clients to their pre-loss financial position. We will continue to operate as a composite insurance company, delivering service to our teeming customers across both general and life businesses”, he added.
