Business

AXA Mansard Insurance Plc recorded Gross Written Premium of N21.08bn

AXA Mansard Insurance Plc, has announced a Gross Written Premium (GWP) of N21.08 billion as at March, 2020 up by 21 per cent from N17.42 billion in same period in 2019.

It achieved this result despite the challenging business environment.

The company’s Net Premium Income also grew N8.25 billion, up 39 per cent from N5.95billion in March 2019.

While Profit before Tax recorded a 96 per cent increase to N2.01 billion in 2020 compared with N1.02 billion recorded in March 2019, the Profit after Tax moved up by 105 per sent to N1.82 billion in 2020 as against 89 billion in March 2019.

The statement, in addition, showed a total asset of N104.32 billion, up 13 per cent from N92.28 billion within the same period while the group’s shareholders’funds increased to N26.85 billion, up by six per cent from N25.26 billion as at December 2019.

On the financials at the end of March 2020, AXA Mansard’s Chief Executive Officer, Kunle Ahmed, said despite the challenges arising from the outbreak of COVID-19 towards the end of the quarter, they were able to grow their premium income and recorded strong profitability growth.

“While the health business remains the fastest growing and the commercial lines continue to hold its share of the market, our retail business continues to justify the investment in our retail structure with 46 per cent growth over the same period last year,” he noted.

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