AXA Mansard Insurance Plc, a member of the AXA Group announced gross premium of N17.95billion in its half-year performance, against N13.22billion achieved in the corresponding period in 2016.
Specifically, the firm’s unaudited result for the period ended June 30, 2017, showed 36 per cent rise in gross premium from N13.22billion recorded in 2016 to N17.95billion in 2017.
However, its profit after tax stood at N2.12billion, down by six per cent when compared to N2.26billion recorded during the same period in 2016.Total asset rose to N65.8billion from N54.9billion in the previous year, while Net premium income also increased from N5.48billion to N6.46billion, representing 18 per cent growth.
Commenting on the results, the Chief Financial Officer, Mrs. Rashidat Adebisi, said: “One of our key goals going into this year was to improve the efficiency of our reinsurance strategy as a way of managing the anticipated growth in our portfolios. The improvement in our accounting loss ratio from 80 per cent to 78 per cent in 2017 validates our efforts in this regard.”
Also commenting, the Chief Executive Officer, Kunle Ahmed, said: “Our focus on identifying new growth areas in our markets continue to pay off as we grew revenues by 36 per cent despite the challenging operating environment. We also strengthened the bottom-line through cost optimisation and efficient resource utilization as demonstrated by the four per cent improvement in our Opex ratio.”
The Chairman of the company, Olusola Adeeyo, had at the 2016 yearly general meeting held in Lagos recently, said: “We recorded 25 per cent growth in Gross Written Premium to N20.7billion in 2016 from N16.6 billion in 2015. Net premium income also grew to N10.9billion from N9.9billion in 2015; profit before tax up by 53 per cent to N3.1billion from N2.02billion in 2015.
“Profit after tax up by 63 per cent to N2.7billion from N1.7billion in 2015, while our balance sheet remained robust in 2016, experiencing moderate growth of seven per cent in total assets to N55 billion from N51.21 billion in 2015.”