Insurance firm reports 18% profit increase
AXA Mansard Insurance Plc. a member of the AXA Group has announced its unaudited financial results, for the period ended June 30, 2015.
According to a press statement , details on the performance put Gross Premium at N10.56bn, up 10% from N9.61bn as at June 2014 while a Net Premium Income of N4.77billion was up 9% from N4.47bn. Investment and Other Income of N2.08bn, up 40% from N1.49bn in June 2014; Operating Expenses of N2.25bn, up 7% from N2.11bn as at June 2014 ; Profit before Tax of N1.17bn, up 18% from N993m recorded in June 2014
Total Assets grew by 14% from N44.89bn in December 2014 to N51.39bn; Insurance Liabilities up 29% to N14.61bn from N11.29bn in December 2014 while Shareholders’ Funds was N16.60billion, up 10% (December 2014: 15.20billion)
Commenting on the result, Mrs. Rashidat Adebisi, the Chief Financial Officer said: “The first half of 2015 has been particularly challenging considering the political and economic uncertainty that prevailed.
With the political uncertainty easing, the country’s economic growth is expected to begin a gradual recovery in the immediate future. Despite the political and economic challenges, the company still grew Gross Premium Written by 10%. Whilst most business lines seem to have experienced slowdowns, we experienced significant growth in our Health Insurance and Investment segments”.