AXA Mansard Insurance Records 19% Growth in GWP

AXA Mansard Insurance Plc, a member of the AXA Group has recorded 19 per cent growth in Gross Written Premium in the financial results for the third quarter ended September 30, 2022.

Speaking on the result, the Chief Financial Officer of the company, Mrs. Ngozi Ola-Israel said, “2022 has been a challenging and dynamic year for the business occasioned by heightened levels of inflation and the consequent impact on businesses and households.

She said despite these challenges, the underwriting firm was able to deliver double-digit revenue growth of 19 per cent YoY from N48.8bn to N57.9 billion and 19 per cent YoY net premium income growth from 27.1 billion to 34.7 billion at the end of the third quarter of the year.

“We advanced with our focus on profitability also with profits before tax for the insurance business growing by 6 percent YoY while the Health business commenced recovery in the 3rd quarter and is positioned to record profits for the full year”.

She said the firm’s investment incomes provided strong support for the group performance as well, growing 29 per cent YoY.

Also commenting on the result, the Chief Executive Officer of AXA Mansard Insurance Kunle Ahmed said “Despite the challenges within the business operating environment, the company’s performance reaffirms its resilience and strategy for long-term growth and sustainable strong performance with a focus on identifying new growth areas in our markets, strengthening our partnerships, and refining our distribution strategy as we grew revenues by 19 percent.