Mansard Insurance posts N17.4b premium in 2014

MANSARD Insurance Plc has announced growth in gross premium written of 28 per cent in 2014 to N17.40 billion from N13.59 billion in 2013, while net premium income recorded a 20 per cent growth in 2014 to N9.05 billion from N7.54 billion in 2013.

Profit before tax rose two per cent from N1.98 billion in 2013 to N2.02 billion in 2014 as against a 27 per cent dip in PAT from N2.1 billion in 2013 to N1.5 billion in 2014.

The Chairman of the company, Dr. Victor Osibodu, addressing shareholders at the 23rd yearly general meeting of the company in Lagos, said “It is necessary to recall that we enjoyed a tax write-back in 2013.

Insurance contracts are typically written for one-year periods and the significant increase in our non-life unearned premium suggest that part of the full impact on profits of our 2014 GPW growth will be seen in 2015.

Total assets were N44.9 billion in 2014 rising by 24 per cent compared to N36.1 billion in 2013.

He told shareholders of the change in beneficial owner of AAH to AXA, “In December, 2014, AXA group in a bid to actualize its sub-Saharan African expansion ambitions acquired 100 per cent equity in Assur Africa Holdings (AAH); AAH holds a 77 per cent stake in Mansard Insurance plc, thereby making AXA the beneficial owners of Mansard.

“AXA is the global leader in insurance and asset management with 157,000 employees and distributors serving 102 million clients in 56 countries. In 2014, AXA revenues were in excess of Euro91 billion while assets under management were Euro 277 billion. This year, AXA has been recognized as the number one insurance brand worldwide for the sixth consecutive year.”

According to him, “Mansard stands to benefit from limitless access to global resources, capacity development, stronger global brand recognition (most especially in the corporate space) and staff cross-posting (as Mansard staff would now be members of a multinational group). These are a few benefits amongst many others.

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