AXA Mansard Insurance plc, a member of the AXA Group has announced its financial results for the half year (H1) of 2022, recording a gross written premium of N45 billion, up 21 percent from N37.2 billion in the same period last year.
This consists of revenue from property and casualty insurance, which is up 8 percent to N19 billion in H1 2022 from N18 billion in H1 2021, revenue from life and savings, up 68 percent to N9 billion from N5 billion, and revenue from health insurance, up 21 percent to N17 billion from N14 billion in the comparable periods.
Its profit before tax was N1.3 billion in the review year, down 59 percent from the N3.2 billion recorded in H1 2022, while profit after tax was N871 million, down 61.9 percent from N4.50 billion in December 2020.
Commenting on AXA Mansard’s financials at the end of the first half of 2022, Ngozi Ola-Israel, Chief Financial Officer, AXA Mansard Insurance, said, “We delivered double-digit revenue growth in the first half of the year despite challenging macroeconomic conditions, particularly in the second quarter of the year.”
“The decline in the PBT and PAT is largely driven by higher claims experienced in our health portfolio. We are strengthening all our underwriting and claims management processes while continuing to excel in our investment performance,” Ola-Israel added.
Further highlights of the financials show a total assets of N119.8 billion, up 14.6 percent from N104 billion as at December 2020, whereas the shareholders’ funds was N31.13 billion, up 4 percent from N30 billion as at H1 2022.
Commenting on AXA Mansard’s financials at the end of December 2021, Kunle Ahmed, chief executive officer, AXA Mansard Insurance, said, “Despite the business environment’s challenges, our performance reflects our dynamism and focus on identifying new growth areas in our markets, strengthening our partnerships, and refining our distribution strategy.”
“We are taking steps to strengthen our balance sheet as well as our underwriting and claims management processes which will translate to increased profitability in the medium term.”
Ahmed added, “Looking forward, the second half of the year presents a crucial opportunity to consolidate on our wins whilst we continue to take strategic steps to keep advancing as an exceptional insurer with great financial strength and excellent underwriting capabilities.”
The AXA Group is a worldwide leader in insurance and asset management, with 160,000 employees serving 108 million clients in 57 countries, while 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).