AXA Mansard Insurance Grosses N37.18bn Premium in Q2 2021

AXA Mansard Insurance Plc, a member of the AXA Group has recorded a Gross Written Premium of N37.18 billion in the first half of 2021, up 22 per cent from N30.54 billion in June 2020.

The breakdown of the Company’s financial performance during the review period showed a Net Premium Income of N17.42 billion, up 11 per cent from N15.67 billion.

Investment and Other Income of N1.24 billion, down70 per cent from 4.10 billion; Operating Expenses of N4.41billion, up 43 per cent N3.89 billion in June 2020, while profit before tax of N3.16 billion, down 28 per cent from N4.4 billion recorded in June 2020 and profit after Tax of N2.29billion, down 37per cent from N3.61billion in June 2020

Mrs. Ngozi Ola-Israel, the Chief Financial Officer, while commenting on the results, said: “Despite the tough operating environment, AXA mansard delivered strong results in the half-year ended June 30, 2021.

The performance further re-enforces resilience and capacity to produce sustainable results.

Ola-Israel stressed that the organisation delivered N37billion in revenues, up 22per cent from N30.5billion recorded in the corresponding period last year.

The decline in PBT was driven by fair value losses on financial assets, which is reflective of the financial market conditions in Nigeria.

We, however, remain committed to delivering strong growth and profitability in the 2nd half of the year.

Mr. Kunle Ahmed the Chief Executive Officer, AXA Mansard Insurance, while commenting on the development of the AXA Mansard’s financials position at the end of the first quarter of 2021, said: “The revenue growth recorded, despite the effects of the economy and COVID-19 new normal on businesses and household income is attributable to the support of our Partners, the continued improvement in service delivery to our clients and the commitments of our people.