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Underwriter posts N48.78 billion growth in Gross Written Premium

By Guardian Nigeria
01 December 2021   |   1:27 am
AXA Mansard Insurance Plc, has recorded N48.78 billion Gross Written Premium, up 24 per cent from N39.46 billion in September 2020 According to the company, Net Premium Income of N27.13 billion, up 14 per cent from N23.75bn in September 2020. Investment and Other Income of N3.25 billion, down 50 per cent fromN6.56 billion in September…

AXA Mansard Insurance Plc, has recorded N48.78 billion Gross Written Premium, up 24 per cent from N39.46 billion in September 2020

According to the company, Net Premium Income of N27.13 billion, up 14 per cent from N23.75bn in September 2020.

Investment and Other Income of N3.25 billion, down 50 per cent fromN6.56 billion in September 2020.

Operating Expenses of N6.26 billion, up 6 per cent from N5.92 billion in September 2020, while profit before Tax of N5.00bn, down29% from N7.06bn recorded in September 2020 and profit after Tax of N3.81bn, dip33 per cent from N5.67bn in September 2020.

Speaking about the results, the Chief Financial Officer of the company, Mrs Ngozi Ola-Israel, said.

“The business remained resilient through the third quarter delivering ₦48.78bn in revenues, growing 24 per cent YoY from ₦39.46 billion and ₦8.39 billion in underwriting profit, growing 20 per cent YoY from ₦7.01bn. The decline of 29 per cent and 33% respectively in the PBT and PAT is driven by fair value losses in the current year compared to fair value gains in the previous year and gain on disposal of a subsidiary in the previous year which did not re-occur this year.

The fundamentals of the business remain strong, and we remain committed to continuous improvement in our technical and operational performance as we approach the end of the year.”

Also speaking on the development of the financials at the end of September 2021, the Chief Executive Officer, AXA Mansard Insurance, Mr Kunle Ahmed, said“We thank our customers and partners for their continued faith in our security and service delivery, they are responsible for the GWP growth recorded in the third quarter despite the challenging economic terrain. The increase in our claims paid further emphasizes our financial strength and capacity to protect businesses in a very challenging economy.. As we wrap up the year 2021, we will continue to improve our distribution channels, refine our service delivery and horn our underwriting and technical capabilities for the ultimate benefit of our customers”