Underwriter posts gross written premium of N25.08 billion

Despite worries about economic challenges in the country, AXA Mansard Insurance Plc has said it recorded N25.08 billion gross written premiums in the first quarter, 19 per cent up from N21.09 billion posted in March 2020.

According to the company, the net premium income was N8.34 billion, two per cent up from N8.21billion in the same year. Investment and other incomes of N1.64 billion was recorded, 32 per cent down from2.39 billion recorded in the comparative period.

Operating expenses of N2.52 billion were recorded, an increase of 23 per cent from N2.05 billion recorded Q1 of 2020 while profit before tax was N2.92 billion, up 36 per cent up from N2.14 billion recorded in Q1 of 2020.

Commenting on the results, the Chief Financial Officer, Ngozi Ola-Israel, said: “Our start to the year demonstrates the continued drive to deliver strong and sustainable results. We delivered 34 per cent growth in PAT and 90 per cent improvement in underwriting performance despite the uncertainties in the current business environment. We remain optimistic that the continued support from shareholders, customers and the members of staff will continue to spur excellent underwriting, investment, and operating performance as we continue to give utmost priority to providing value to our esteemed customers.”