AXA Mansard Insurance forecasts N16.19bn claim payout in Q3

AXA Mansard Insurance Plc, a member of the AXA Group, has released a forecast for its operating scorecards in the third quarter (Q3) of this year wherein it envisaged paying N16.19 billion as claims to its policy holders.

Details of the forecast revealed that in terms of profit and loss accounts information, the insurer envisages a gross premium written of N45.78 billion, net premium income of N26.96 billion, underwriting profit of N10.1 billion and investment & other income amounting to N3.63 billion.

The company also looks forward to incurring N2.95 billion as operating expenses, and payment of N1.17 billion as taxation during the period from a projected profit before tax (PBT) of N5.59 billion, while it profit after tax is expected to read N4.42 billion at the end of the quarter.

Cash Flow Information in the forecast filed at the Nigerian Exchange Limited indicates N3.33 billion as Operating Profit Before Working Capital Changes; N19.71 billion as Net Cash Generated from Operating Activities; and N2.06 billion as Cashflow From Financing Activities.

Others are N5.04 billion as cashflow from investing activities; N16.73 billion as net increase/decrease in cash and cash equivalents; N20.25 billion as cash/bank balances at the beginning of the period; and N3.52 billion as cash or bank balances at the end of the period.

At the end of its first quarter operation this year, the AXA Mansard Insurance Plc reported positive numbers across major performance metrics.

These included 36 per cent growth in profit before tax which stood at N2.52 billion and 34 per cent appreciation in profit after tax at N2.63 billion.