AXA Mansard reports 56% increase in profit to N4.54bn

By Kayode Tokede

AXA Mansard Insurance Plc, a member of the AXA Group, has recorded 56 per cent growth in profit after tax  in its full year results for year ended December 31, 2020 to N4.54billion, up 56 from N2.91billion in 2019.

In a statement by the company, gross written premium of N47.58 billion, up 9 per cent from N43.62 billion while Net Premium Income of N31.72 billion, up 21 per cent from N26.29billion in December 2019.

According to the company, investment and other income of N7.09 billion, up 25 per cent from 5.67 billion; operating expenses of N7.7 billion, up 3 per cent N7.51billion, while profit before tax of N6.04 billion, up 58 per cent from N3.83 billion recorded in December 2019.

Commenting on the results, the Chief Financial Officer, Mrs. Ngozi Ola-Israel said. “It was a challenging year, but we achieved strong growth in PAT (56per cent) and Underwriting profits (22per cent).

“We managed operating costs at a low level of growth of three per cent  despite COVID headwinds and inflation. We remain committed to delivering excellent underwriting, investment and operating performance while focusing on the satisfaction of our customers and stakeholders.

Speaking on the financial development of the firm at the end of December 2020, the Chief Executive Officer, AXA Mansard Insurance, Kunle Ahmed, said, “The 2020 full Year financial record is a proof of our ability to continually support customers to achieve their goals even in the midst of difficult and challenging times.

“With the support of our partners and through the harnessing of our distribution network, we achieved remarkable growth on our Health and P & C lines throughout the year. We are pleased that our continued effort to build a resilient non-bank financial services institution is yielding positive results”.