AXA Mansard Insurance posts 180% surge in Q2 profit

AXA Mansard Insurance Plc has announced a profit before tax of N4.4 billion for the first half of the year, indicating a 180 per cent increase from N 1.6 billion recorded same period in 2019.

The firm also revealed that its gross written premium rose by 4 per cent to N30.54 billion from N29.36 billion posted in 2019 while its net premium income grew by 29 per cent to N15.63 billion from N12.08 billion.

According to Ngozi Ola-Israel, the chief financial officer of the underwriter, the company’s operating expenses grew by 10 per cent to N3.89 billion from N3.52 billion in 2019 while profit after tax leaped to N3.61 billion, a 154 per cent increase from N1.42 billion witnessed in 2019.

“Total assets grew by 10 per cent to N101.72 billion from N92.28 billion. Insurance liabilities increased to N33.84 billion from N25.16 billion and shareholders’ funds rose to N25.89billion, a 12 per cent rise from N23.09 billion as at December 2019.

“In this half year we delivered 4 per cent growth in gross revenues and a remarkable 154 per cent growth in profit after tax, driven by our continued focus on increasing technical and operational efficiencies.

“We remain committed to partnering with our customers to find ways to remain supportive to their business as we wade through this challenging period”, Ola-Israel said.

Commenting on the result, Kunle Ahmed, the chief executive officer of AXA Mansard Insurance,  said the company has demonstrated resilience in the challenging period of the Covid-19 pandemic through its first half performance.

He said, “Growth in health lines remained strong and continued to accelerate throughout the first six months of the year.

“The Covid-19 pandemic has shown the critical role of insurance in protecting societies and supporting economic recovery, we will continue to proffer solutions to ease the pains of our clients.”