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AXA Mansard Insurance grows written premium rises 27% to N60.2bn

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AXA Mansard Insurance grows written premium rises 27% to N60.2bn

The gross written premium of AXA Mansard Insurance Plc, a member of the AXA Group and a global insurance and asset management firm, rose by 27 per cent to N60.20 billion as of the end of December 2021, from N47.58 billion in December 2020.

The company said in a statement that its net premium income rose by 17 per cent to N37.14 billion, from N31.72 billion in December 2020.

Its investment and other income fell by 12 per cent to N6.25 billion, from N7.09 billion in December 2020.

Operating expenses rose by 22 per cent to N9.41 billion, from N7.71 billion in December 2020.

On the other hand, profit before tax fell by four per cent to N5.78 billion, from N6.04 billion in December 2020, while profit after tax fell by 17 per cent to N3.74 billion, from N4.50 billion in December 2020.

Commenting on the financials ended December 2021, the Chief Executive Officer, AXA Mansard Insurance, Kunle Ahmed, said “We delivered strong revenue growth across all our business lines despite the challenging macroeconomic terrain and yield environment.”

The strong revenue growth would have been impossible without the support of its customers and partners, he said.

He added that the growth in net claims was also a reflection of the firm’s financial ability to meet the promise it made to policyholders.

The chief executive officer said, “AXA Mansard Insurance continues to be an exceptional insurer with great financial strength and excellent underwriting capabilities.

“This has been shown over the years by the organisation’s exceptional financial and technical capabilities.”

Also speaking on the results, the Chief Financial Officer, Mrs Ngozi Ola-Israel, said, “The business delivered strong growth across various indices, gross written premium grew 27 per cent YoY from N47.58 billion to 60.2 billion and improved underwriting efficiency underpinned by N9.23 billion in underwriting profit, growing 24 per cent YoY from N7.44 billion.

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