Top insurance firm reports N43bn Gross Written Premium in 2019

May 21, 2020 10:14 PM

In the report, it was revealed that AXA Mansard paid total claims of N17.884billion in 2019 from N12. 130billion paid out in 2018.

Mr. Kunle Ahmed, CEO AXA Mansard Insurance

One of the leaders in insurance in Nigeria, AXA Mansard Insurance Plc has reported a Gross Written Premium (GWP) of N43.62billion in its unaudited financial report of 2019 which is up by 29% from N33. 92billion recorded in the previous year.

The company’s Net Premium Income also grew by 34% to N26.34billion from N19.7billion within the period under review.

While Profit before Tax recorded a six percent increase to N3.57billion in 2019 compared with N3.38 billion in 2018, the Profit After Tax moved up by eight percent to N2.67billion in 2019 as against N2.48billion recorded as at December 2018.

The statement, in addition, showed a 27% growth in total assets from N73.77billion to N93.33 billion within the same period while the group’s shareholders’ funds increased to N24.90billion from N20. 93billion representing a 19% growth.

AXA Mansard paid total claims of N17.884billion in 2019 from N12. 130billion paid out in 2018.

“Our focus on identifying new growth areas in our markets, strengthening our partnerships and refining our distribution strategy continues to pay off as we grew revenues by 29per cent despite the challenging operating environment," Mr. Kunle Ahmed, the Chief Executive Officer, AXA Mansard Insurance, said while commenting on AXA Mansard’s financials at the end of December 2019,

The 47% growth in net claims is also a testament of our capability to pay all valid claims promptly even as we transit from just a payer to the partner of our numerous customers.

“AXA Mansard Insurance remains an outstanding Insurer with strong financial strength and excellent underwriting capabilities. The organization has demonstrated this over the years through its superior financial and technical competencies," he added.

Commenting on the results, Mrs. Ngozi Ola-Israel, the Chief Financial Officer said “We achieved strong double-digit growth in GWP (29%) with growth experienced across key lines of business. In addition, our focus on cost optimisation and efficiency ensured a six percent dip in OPEX. Overall, Profit after tax grew eight percent while net assets also grew by 17%.

AXA Mansard was incorporated in 1989 as a private limited liability company and is registered as a composite company with the National Insurance Commission of Nigeria (NAICOM).

Listed on the Nigeria Stock Exchange in November 2009, AXA Mansard Insurance plc was rated B+ by A.M. Best (2016) for Financial Strength.