AXA Mansard reports 4% drop in PBT

By Henry Uche

AXA Mansard Insurance Plc, a member of the AXA Group and a global leader in insurance and asset management, has recorded Gross Written Premium of N60.20billion, up 27 per cent from N47.58 billion in December 2020.

According to the company, Net Premium Income of N37.14billion, up 17 per cent from N31.72 billion in December 2020, while Investment and Other income of N6.25billion, down 12 per cent from N7.09billion in December 2020.

Although Operating Expenses rose to N9.41billion, up 22per cent from N7.71billion in December 2020, Profit Before Tax at N5.78billion, reflected a 4 per cent drop  from N6.04billion recorded in December 2020 and Profit after Tax of N3.74billion, down 17 per cent from N4.50billion in December 2020.

Commenting on the financials at the end of December 2021, the Chief Executive Officer, AXA Mansard Insurance, Kunle Ahmed, said, “We delivered strong revenue growth across all our business lines despite the challenging macro economic terrain and yield environment.

According to him, the strong revenue growth would have been impossible without the support of our customers and partners and we are immensely grateful.  The growth in net claims is also a reflection of our financial ability to meet the promise we made to policyholders.

AXA Mansard Insurance continues to be an exceptional insurer with great financial strength and excellent underwriting capabilities. This has been shown over the years by the organization’s exceptional financial and technical capabilities.”

Also speaking on the the results, the Chief Financial Officer, Mrs. Ngozi Ola-Israel,  said, “The business delivered strong growth across various indices, GWP grew 27 per cent YoY from N47.58billion to 60.2billion and improved underwriting efficiency underpinned by N9.23billion in underwriting profit, growing 24 per cent YoY from N7.44billon.

The decline of 4per cent and 17per cent respectively in the PBT and PAT was largely driven by fair values losses and non-recurrence of gain on disposal of a subsidiary in the previous year.