AXA-Mansard targets N8bn PAT, N48bn premium by Q4

AXA-Mansard Insurance Plc has projected to achieve N48.012 billion gross premium written for the fourth quarter ending December 2020.

In its Q4 earning forecast obtained from the Nigerian Stock Exchange (NSE), the insurance firm also projected N7.59 billion as profit after tax and N9.17 billion as profit before tax for the period.

AXA Mansard Insurance recently announced its divestment from its subsidiary, AXA Mansard Pension Limited, after agreeing to sell its stake to Eustacia Limited, a member of the Verod Group.

This is part of the insurance firm’s plan to focus on and grow its insurance businesses across all parts of the country.

This disclosure was made in a notification that was sent to the NSE on August 8, 2020, by AXA Mansard Insurance Plc and signed by Omowunmi Adewusi, its company secretary.

AXA Mansard Insurance disclosed that Eustacia Limited was selected as the preferred bidder, after the completion of a bid process.

AXA Mansard along with the minority shareholder agreed to sell the entire issued ordinary share capital of AXA Mansard Pensions comprising of 60 per cent shareholding (2,067,672,000 shares) held by AXA Mansard Insurance Plc and 40% shareholding (1,378,448,000 shares) held by the minority shareholder.

The statement from AXA Mansard Insurance reads, ‘’AXA Mansard Insurance Plc announces the divestment from its subsidiary, AXA Mansard Pensions Limited.

“After obtaining the Shareholder’s approval at the Company’s Extra-Ordinary General Meeting held on the 13th of February 2020, the Company commenced the process of divestment by appointing Messer Rand Merchant Bank as the Financial Advisers while Aluko & Oyebode acted as the Legal Advisers on the transaction.

‘’Upon completion of a bid process, Eustacia Limited (a member of the Verod Group) was selected as the preferred bidder.

“The Company along with the minority Shareholder entered into a sale and purchase agreement with Eustacia Limited to divest the entire issued ordinary share capital of AXA Mansard Pensions comprising of 60 per cent shareholding (2,067,672,000 shares) held by AXA Mansard Insurance Plc and 40 per cent shareholding (1,378,448,000 shares) held by the minority shareholder.’’

The insurance firm, also in its statement said that the divestment has received letters of no objection from the National Insurance Commission (NAICOM), National Pension Commission (PENCOM) and the Federal Competition & Consumer Protection Commission (FCCPC).