AXA Mansard records annual profit of N2.64bn

Major statement of comprehensive income items of the insurance recorded across the board growth except underwriting income which depreciated marginally by 1 per cent from N2.985 billion in 2015 to N2.946 billion last year.

While Profit after tax (PAT) of the group soared by 59 per cent, rising from N1.662 billion in 2015 to N2.635 billion last year despite the many economic headwind face in the operating environment, the parent company’s PAT grew by 123 per cent from N466.099 million in 2015 to N1.04 billion last year.

The profit before tax (PBT) also followed the same trend to grow by 54 per cent from N2.024 billion in the previous to stand at N3.126 billion last year.

The investment and other income profile of the company moved by 39 per cent to hit N6.391 billion last year from N4.598 billion in the same period of 2015.

The company earned N10.946 billion in 2016 as net premium, 11 per cent higher than N9.905 billion of 2015 while its gross premium earned increased by 22 per cent from N16.891 billion in 2015 to N20.677 billion last year.

Gross premium written in the period under review advanced by 25 per cent from N16.575 billion in 2015 to stand at N20.713 billion.

In terms of its financial position items, growth was recorded in total assets which followed upward trend from N51.207 billion in 2015 to value N54.958 billion last year, growing by seven per cent.