Insurance firm posts N5.67bn profit in Q3 | Dailytrust
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Insurance firm posts N5.67bn profit in Q3

AXA Mansard Insurance Plc

AXA Mansard Insurance Plc, a member of the AXA Group has announced a Profit after Tax of N5.67 billion, up by 169 per cent from N2.11bn in September 2019.

This financial result is for the third quarter ended September 30, 2020.

Its financials show that its gross written premium of N39.46bn represents a 5% rise from the N37.43bn in September 2019.

Its Net Premium Income of N23.75bn is up 24% from N19.13bn in September 2019; and investment and other income of N6.56bn, up 64% from 3.98bn in September 2019.

The Group Shareholders’ Funds of N33.33bn, is up 32% from N25.26bn as at December 2019, while the Insurance Shareholders’ Funds of N28.58bn, is up 24% from N23.09bn as at December 2019

The Chief Financial Officer, Mrs Ngozi Ola-Israel, said: “The business has remained resilient over the quarter delivering 63% growth in underwriting profit and a remarkable 169% growth in profits after tax. We remain committed to technical and operational excellence to enable us to continue to deliver strong results.”

Speaking on the AXA Mansard’s financials at the end of September 2020, the Chief Executive Officer, Kunle Ahmed, said: “We will continue to proffer solutions to ease the pain points of our clients.”