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Axa Mansard Insurance Plc has assured shareholders of the firm’s resolve to continually exceed stakeholders’ expectation through improved performance and good dividend payout.
Besides, the company’s shareholders approved the firm’s 5 kobo dividend for the 2016 financial year. Reviewing its performance during its yearly general meeting in Lagos, the chairman of the firm, Olusola Adeyeye, noted that the company recorded 25 per cent growth in gross written premium from N16.6 billion in 2015 to N20.7 billion during the year under review.
The growth, according to him, was due to customers’ renewals on large tickets transactions and new business acquisitions in the health business. He explained further than profit before tax also rose to N3.1 billion, which represents 53 per cent rise when compared to N2.12 billion achieved during the corresponding period in 2015. He added that profit after tax also increased from N1.7 billion to N2.7 billion.
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The Chief Executive Officer of the company, Yetunde Ilori, explained that the company’s health insurance business made significant improvement in 2016, with 112 per cent growth in gross written premium to N3.5 billion from N1.65 billion achieved in 2015.
According to her, with the growing size of the business and customer patronage, the company recorded 155 per cent rise in net claims to N2.3 billion. “Total pension and non-pension assets under management grew by 8 per cent from N54.7 billion to N59.1 billion. This growth was primarily attributable to our core asset management business, Axa Mansard Money Market Fund and the Axa Mansard Equity Income Fund.
“Drive by the success of these funds and continued investor confidence, the business achieved 70 per cent growth in third party assets under management to N9.2 billion by the end of 2016 from N5.4 billion as at year end 2015.”
