AXA Mansard records N28.64bn quarterly premium

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AXA Mansard Insurance Plc, a member of the AXA Group and a global insurance and asset management firm, said its gross written premium rose by 14 per cent to N28.64bn by the end of the first quarter of 2022, from N25.08bn in March 2021.

The firm said in a statement that its net premium income rose by 39 per cent to N11.57bn, from N8.34bn in March 2021, while investment and other income fell by 25 per cent to N1.23bn, from N1.64bn in March 2021.

It stated that its operating expenses rose by one per cent to N2.54bn from N2.52bn in March 2021, while profit before tax declined by 84 per cent to N470m, from N2.92bn in March 2021, and profit after tax declined by 85 per cent from N2.63bn to N390m in March 2021.

Commenting on the results, the Chief Financial Officer, AXA Mansard Insurance, Mrs Ngozi Ola-Israel, said, “We delivered double-digit revenue growth of 14 per cent YoY from N25.07bn to N28.64bn and 39 per cent YoY net income growth from 8.34bn to 11.57bn in the first quarter despite a challenging macroeconomic environment.

 

“However, we also grew life and health businesses by 58 per cent and 24 per cent respectively while our P & C business dipped five per cent as a result of large unrenewable business written in 2021 and deliberate careful selection of risk in 2022.

“The decline of 84 per cent and 85 per cent respectively in the PBT and PAT is largely driven by higher claims experienced in our health portfolio coupled with fair value losses and foreign exchange losses.

“The core underlying earnings (excluding fair value gains/losses, capital gains/losses and foreign exchange movements) dipped by 22 per cent mainly driven by the higher claims experienced in our health portfolio. Across all lines of businesses, we continue to build necessary actuarial reserves to ensure we have a strong balance sheet.”

Ola-Israel said looking forward to the rest of the year, the firm remained optimistic of the value creation possibilities existing within its business areas.

With the continued support of shareholders, customers and the dedication of staff and other key stakeholders, she said the firm would deliver excellent underwriting, investment, and operating performance as it prioritised providing value to its valued customers.

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