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Underwriters generate N65 billion premium

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Despite the tough operating environment, three insurance companies generated N64.96 billion gross written premium (GWP) in their half-year financial reports, The Guardian has learned.

The operators linked the performance to growth across lines of business in the market even as stakeholders believe that one of the ways to drive industry penetration is through stronger underwriting capacity.

The three underwriting firms had recently done a virtual yearly general meeting. They include AXA Mansard Insurance Plc, Mutual Benefits Assurance Plc and Sovereign Trust Insurance Plc. The breakdowns of their premiums were AXA Mansard (N37.18 billion), Mutual Benefits (N19.98 billion) and Sovereign Trust (N7.8 billion).

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Speaking on the performance, the Chief Financial Officer, Mrs. Ngozi Ola-Israel, told The Guardian that despite the tough operating environment, the organisation was able to deliver strong results in the half-year.

Ola-Israel stressed that the organisation delivered ₦37 billion in revenues, up 22 per cent from ₦30.5 billion recorded in the corresponding period last year. The decline in profit before tax was caused by fair value losses on financial assets, which is reflective of the financial market conditions.

The Chairman, Mutual Benefits, Dr. Akin Ogunbiyi, said that despite the headwinds posed by the COVID-19 pandemic, the GPW rose from N18.70 billion in 2019 to N19.98 billion in 2020.

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