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AXA Mansard posts eight per cent rise in profit

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AXA
Acquires  60 per cent stake in Penman pensions

AXA Mansard Insurance Plc recorded 9 per cent rise in net premium income from N9.05 billion to N9.9 billion for the 2015 financial year and maintained a profit before tax of N2.02 billion – same as 2014. Profit after tax increased by 8 per cent to N1.7 billion from N1.5 billion in the previous year.

Similarly, the firm’s total assets grew to N51.21 billion in 2015, a 14 per cent rise compared to N44.89 billion in 2014.

Addressing shareholders during the company’s yearly general meeting, the Chairman of the firm, Victor Gbolade Osibodu explained that the company’s insurance liabilities stood at N12.92 billion, which represents 14 per cent rise when compared to N11.29 billion in 2014 while shareholders’ funds grew by 15 per cent to N17.41 billion from N15.20 billion.

The company’s shareholders approved a dividend of two kobo per ordinary share.

Osibodu explained that this would make a total dividend of five kobo per share paid in the 2015 financial year, after the three kobo interim dividend earlier paid in October 2015.

The Chairman assured shareholders of the Board’s continued commitment to the delivery of optimal returns while keeping the company as a responsible corporate citizen.

He announced the conclusion of the acquisition of a 60 per cent stake in Penman Pensions Ltd in 2015, now renamed AXA Mansard Pensions, which has been repositioned to take advantage of the growth opportunities in the pensions industry.

The Chief Executive Officer of the company, Mrs. Yetunde Ilori said: “Our firm is working to improve its channels and distribution structure to enable us leverage our robust platform, group synergies and technical excellence to drive growth.”

Also speaking at the occasion, the Chief Client Officer, AXA Mansard Insurance Plc, Tosin Runsewe said: “The upgrade of our brand in July 2015 from Mansard Insurance to AXA Mansard Insurance sign-posted our branding and positioning of our activities during the year.

“The global AXA brand that we now have is well recognised among our current and prospective corporate clients while our heritage of customer service as Mansard Insurance Plc has remained strong with our retail customers.”


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