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AXA Mansard Insurance Plc, said it recorded a gross written premium of N21.08 billion for the first quarter of 2020, an increase of 21 per cent from N17.42 billion for the same period in 2019 despite the challenging operating environment.
It also disclosed profit before tax of N2.01 billion a 96 per cent increase as against N1.02 billion recorded in March 2019, while the profit after tax moved up by 105 per cent to N1.82 billion against 89 billion for the same period in 2019.
The unaudited financial statement, in addition, showed a total asset of N104.32 billion up by 13 per cent from N92.28 billion within the same period. The group’s shareholders’ funds increased to N26.85 billion, up 6 per cent from N25.26 billion as at December 2019 and net premium income grew N8.25 billion, a 39 per cent increase from N5.95 billion for the same period the previous year.
Commenting on the results, Chief Executive Officer AXA Mansard, Kunle Ahmed, said: “despite the challenges arising from the outbreak of COVID-19 towards the end of the quarter, we were able to grow our premium incomes and recorded strong profitability growth.
“Whilst the health business remains the fastest growing and the commercial lines continues to hold its share of the market, our retail business continues to justify the investment in our retail structure with 46% growth over the same period last year.
“The profitability recorded during the first quarter also cut across P and C, Life and Health portfolios. We will continue to improve and make available our digital channels during this difficult time and focus on providing bespoke solutions to our customers,” Ahmed said.
For her part, Chief Financial Officer, Ngozi Ola-Israel, said: “In this quarter, we have delivered 21 per cent growth in gross revenues and 105 per cent growth in profits after tax driven by our focus on partnering with our customers as well as sustained operational efficiencies. This will continue to be our focus as we navigate through the challenges brought on by the pandemic.”
