Insurance firm posts N4.4bn profit in H1

AXA Mansard Insurance plc, a member of the AXA Group has announced a N4.4 billion profit after tax in its half year operation, representing 180 percent rise from the N1.6bn recorded in June 2019.

The company financials also showed it grossed N30.54bn in gross written premium up by four percent from N29.36bn in June 2019. It recorded net premium income of N15.63bn, up 29% from N12.08bn in June 2019. Investment and other Income of N4.1bn rose by 44% from 2.84bn.

Expenses of N3.89bn, grew to 10% from N3.52bn while profit after tax leaped to N3.61bn, up 154% from N1.42bn.

Commenting in a statement the Chief Financial Officer, Mrs. Ngozi Ola-Israel, said. “In this half year we delivered 4% growth in gross revenues and a remarkable 154% growth in profit after tax driven by our continued focus on increasing technical and operational efficiencies.”

The CEO, Mr. Kunle Ahmed, said: “AXA Mansard has demonstrated resilience in the challenging context of the Covid-19 pandemic, in the first half of 2020. The Covid-19 pandemic has shown the critical role of insurance in protecting societies and supporting economic recovery, we will continue to proffer solutions to ease the pain points of our clients.”