H1 2022: AXA Mansard posts 21% increase in gross written premium to N45bn
By Philemon Adedeji
AXA Mansard Insurance plc, known as a member of the AXA Group has announced its unaudited financial results for the period ended June 30, 2022, reporting 21 per cent increase in gross written premium to N45 billion in half year (H1) of 2022, from N37.2 billion achieved in the prior-year period of 2021.
The break down of revenue reveals, property and casualty insurance, which grew significantly by 5 per cent to N19 billion in H1 2022 from N18 billion in H1 2021, while revenue generated from life and savings, moved higher by 80 per cent to N9 billion from N5 billion, and revenue from health insurance, inched weight by 21.4 per cent to N17 billion in H1 2022 from N14 billion in the comparable periods.
From the data source on the Nigerian Exchange Limited (NGX) shows that the insurance company recorded 59 per cent decline in Profit Before Tax (PBT) to N1.3 billion in H1 2022 from N3.2 billion recorded in H1 2021.
During the period under review the group Profit After Tax (PAT) stood at N871 million in H1 2022, 61.9 percent dropped from N2.3 b billion in H1 2021.
AXA Mansard Insurance plc grew its Earnings per share by 50 per cent to 9 kobo in H1 2022 from5 kobo in H1 2021.
Chief Financial Officer, AXA Mansard’s lnsurance, Ngozi Ola-Israel, Commenting on AXA Mansard’s unaudited financials results for half year 2022, said, “We delivered double-digit revenue growth in the first half of the year despite challenging macroeconomic conditions, particularly in the second quarter of the year.
“The decline in the PBT and PAT is largely driven by higher claims experienced in our health portfolio. We are strengthening all our underwriting and claims management processes while continuing to excel in our investment performance,” Ola-Israel added.
Further highlights of the financials reveal total assets which stood at N119.8 billion, rose by 15.1 per cent from N104 billion as at December 2021, as shareholders’ funds stood at N31.3 billion in H1 2022, 4 per cent rise from N30 billion accounted as at end of December 31, 2021.
Chief Executive Officer, Kunle Ahmed, AXA Mansard Insurance, commenting on financial results ended December 2021, said, “Despite the business environment’s challenges, our performance reflects our dynamism and focus on identifying new growth areas in our markets, strengthening our partnerships, and refining our distribution strategy.
“We are taking steps to strengthen our balance sheet as well as our underwriting and claims management processes which will translate to increased profitability in the medium term.”
Ahmed added, “Looking forward, the second half of the year presents a crucial opportunity to consolidate on our wins whilst we continue to take strategic steps to keep advancing as an exceptional insurer with great financial strength and excellent underwriting capabilities.”
The AXA Group is a worldwide leader in insurance and asset management, with 160,000 employees serving 108 million clients in 57 countries, while AXA Mansard was incorporated in 1989 as a private limited liability company and is registered as a composite company with theNational Insurance Commission of Nigeria (NAICOM).
