Insurer declares 27% growth in Gross Written Premium

Underwriting firm, AXA Mansard Insurance Plc, has recorded a Gross Written Premium (GWP) of N60.2 billion in its business transactions in 2021, promising policyholders more returns on investment in the years to come.

The insurer, at the weekend, disclosed in its financial statement made available to The Guardian that the achievement represents a 27 per cent growth on the N47.58 billion it made in 2020.

According to the company, the net premium income stood at N37.14 billion, up by 17 per cent from N31.72 billion posted in December 2020. Investment and other income stood at N6.25 billion, a decline of 12 per cent from N7.09 billion recorded in 2020.

Operating expenses stood at N9.41 billion, showing a 22 per cent increase from N7.71 billion achieved in 2020 while profit before tax stood at N5.78 billion, a four per cent decrease from N6.04 billion recorded in 2020.