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AXA Mansard Insurance Plc, has announced a Gross Written Premium (GWP) of N43.62 billion in 2019, up by 29 per cent from N33. 92 billion recorded in 2018.
The firm’s unaudited financial report for the period ended December 31, 2019 showed that net premium income also grew by 34 per cent to N26.34 billion from N19.7 billion for the period under review.
A further breakdown of the financial statement revealed that the Profit before Tax (PBT) saw a six per cent increase to N3.57 billion in 2019 as against N3.38 billion in 2018 while the Profit after Tax (PAT) increased by 8 per cent to N2.67 billion in 2019 as against N2.48 billion recorded as at December 2018.
In addition, the statement, showed a 27 per cent growth in total assets from N73.77 billion to N93.33 billion for the same period while the group’s shareholders’ funds increased to N24.90 billion from N20. 93 billion representing a 19 per cent increase.
With respect to claims payment, the firm paid total claims of N17.884 billion in 2019 from N12. 130 billion paid out in 2018. Commenting on the company’s performance, Mr. Kunle Ahmed, the Chief Executive Officer, AXA Mansard, 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 47 per cent growth in net claims is also a testimony of our capability to pay all valid claims promptly even as we transit from just a payer to the partner of our numerous customers”.
Ahmed added, “AXA Mansard Insurance remains an outstanding insurer with strong financial strength and excellent underwriting capabilities; and the organization has demonstrated this over the years through its superior financial and technical competencies.”
Also speaking, Mrs. Ngozi Ola-Israel, the Chief Financial Officer said, “We achieved strong double-digit growth in GWP (29%) with growth experienced across key lines of business.
