AXA Mansard underwrites N29bn in H1 2019

AXA Mansard

AXA Mansard Insurance plc, a member of the AXA Group has announced its unaudited financial results for the period ended June 30, 2019 with a Gross Written Premium of N29.36bn, up 25 percent from the N23.54bn it posted in June 2018.

The result also showed a net premium income of N12.08bn, up 26 percent from N9.56bn it posted in June 2018.

AXA Mansard’s investment and other income stood at N2.84bn, which is down 13 percent from the N3.28bn in June 2018.

The company operating expenses of N3.52bn remain flat from N3.52bn in June 2018 as well. Also its profit after tax of N1.42bn, is down 8 percent from N1.54bn in June 2018 the results show.

Statement of its financial Position highlights also show total assets of N81.24bn representing an increase of 14 percent to from N73.77bn it recorded in December 2018.

AXA Mansard result also show its insurance Shareholders’ Funds rose to N18.2bn up from N16.7bn as at December 2018.

Commenting on the results, Mrs. Ngozi Ola-Israel, the Chief Financial Officer said “This positive performance is an indication that our efforts to continually grow the business profitably is on track.”

The Chief Executive Officer, Mr. Kunle Ahmed, said “Prompt claims payment remains critical to the actualization of insurance companies’ promise to return clients to their pre-loss financial position.”

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