Insurer grows shareholders’ funds above N22 billion in H1
AXA Mansard Insurance Plc in its unaudited financial results for the half-year ended June 30, 2019, showed a growth of eight per cent in shareholders’ equity.
The shareholders’ funds for the group rose to N22.49 billion, up from N20.9 billion reported as at the end of December 2018.
Similarly, the shareholders’ funds of the insurance arm also increased to N18.2 billion up from N16.7 billion in the same period under review.
Speaking with The Guardian on the result, the Chief Executive Officer, of AXA Mansard Insurance Plc, Kunle Ahmed, said: “The performance bodes well for our insurance business and puts us in a very good place for the future in terms of the impending change in capital requirements.
“AXA Mansard Insurance plc will continue to operate as a composite insurance company, delivering service to our teeming customers across both general and life businesses.”
At the end of the half-year, the company succeeded in growing gross written premium by 25 per cent and underwriting profits by nine per cent, with no growth in operating expenses compared with the previous year.
Gross written premium for the insurance firm increased to N29.36 billion from N23.54 billion in June 2018, thanks to the firms cost management strategy as operating cost within the period remained flat at N3.52 billion. Underwriting profits for the firm jumped to N2.5 billion from N2.2 billion the previous year.
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