Yemisi Izuora
AXA Mansard Insurance plc a member of the AXA Group has released its unaudited financial results, for the period ended September 30, 2015, which showed that its gross premium written went down by 8 percent.
The company said its written premium was N13.50bn, down from N14.75bn as at September 2014 while net premium income of N7.31billion was up by 12 percent from N6.55bn as at September 2014
The insurance firm reported that its Investment and Other Income recorded a 55 percent rise from N2.06bn to N3.20bn in September 2014 with operating expenses of N3.60bn,indicated a 18 percent rise from N3.04bn as at September 2014
Profit before Tax of N1.72bn showed a 28 percent rise from N1.35bn recorded in September 2014 while Profit after Tax of N1.51bn was up 32 percent from N1.14bn as at September 2014
The company’s total assets grew by 13 percent from N44.89bn in December 2014 to N50.59bn while Insurance Liabilities was up 21 percent to N13.67bn from N11.29bn in December 2014
Commenting on the result, Mrs. Rashidat Adebisi, the Chief Financial Officer said “In the quarter under review, Profit Before Tax grew by 28%, this was driven by a 55% growth in investment & other income and a 3% decline in underwriting expense.
However, Gross Premium Written declined by 8%, this was caused by the non-renewal/delay of certain transactions as a result of the prevailing macro-economic uncertainties.
Looking forward, we maintain a positive outlook as the new administration begins to issue polices that would give the economy a positive direction.”
Commenting also on the Company’s integration with the AXA Group, Mr. Tosin Runsewe, the Chief Client Officer, said “In the quarter, we upgraded our brand to align with AXA Group (the No. 1 Insurance brand globally according to Interbrand).
Our services and processes are being upgraded to ensure all our customers receive best value.”
Commenting further he said, “We continue to focus on creating flexible and innovative distribution channels for our customers. We recently launched our Digital platform which allow customers purchase products electronically. Customers who have used this platform continue to express their delight. Our customers can be assured of more innovative approaches to give them a best-in-class experience”.