AXA Mansard posts N28.64bn in gross written premium in Q1

AXA Mansard Insurance Plc recorded a Gross Written Premium of N28.64bn at first representing a 14 percent increase from N25.08bn in March 2021.

According to the company, the Net Premium Income of N11.57bn, up 39% from N8.34bn in March 2021, Investment and Other Income of N1.23bn, dip 25% from N1.64bn in March 2021.

Operating Expenses of N2.54bn, up 1% N2.52bn in March 2021while Profit Before Tax of N470m, declining84% from N2.92bn in March 2021 and Profit After Tax of N390m, declining85% from N2.63bn in March 2021

Commenting on the results, the Chief Financial

Officer, AXA Mansard Insurance, Mrs Ngozi OlaIsrael said: “We delivered double-digit revenue growth of 14% YoY from N25.07bn to N28.64bn and 39% YoY net income growth from 8.34bn to 11.57bn in the first quarter despite a challenging macroeconomic environment.

However, we also grew Life and Health businesses by 58% and 24% respectively whilst our P & C business dipped 5% as a result of large unrenewable business written in 2021 and deliberate careful selection of risk in 2022.

The decline of 84% and 85% respectively in the PBT and PAT is largely driven by higher claims experienced in our health portfolio coupled with fair value losses and foreign exchange losses.