AXA Mansard records N13.5b premium
Specifically, the company’s unaudited performance showed gross premium of N13.5 billion, against N14.75 billion achieved in the corresponding period last year, while profit after tax rose by N1.51 billion, representing 32 per cent rise, from N1.14 billion posted in 2014.
The company’s net premium income stood at N7.31 billion, 12 per cent increase when compared to N6.55 billion recorded in the previous year while profit before tax rose from N1.35billion to N1.72 billion during the period under review.
Commenting on the result, the Chief Financial Officer of the company, Mrs. Rashidat Adebisi, said: “In the quarter under review, Profit Before Tax grew by 28 per cent, this was driven by a 55 per cent growth in investment and other income and a three per cent decline in underwriting expense.
“However, gross premium Written declined by 8per cent, this was caused by the non-renewal/delay of certain transactions as a result of the prevailing macro-economic uncertainties. Looking forward, we maintain a positive outlook as the new administration begins to issue polices that would give the economy a positive direction.”
Speaking on the company’s integration with the AXA Group, the Chief Client Officer, Tosin Runsewe, explained that the company upgraded its brand to align with AXA Group (the No. 1 Insurance brand globally according to Interbrand).
“Our services and processes are being upgraded to ensure all our customers receive best value. We continue to focus on creating flexible and innovative distribution channels for our customers. We recently launched our Digital platform, which allow customers purchase products electronically.
“Customers who have used this platform continue to express their delight. Our customers can be assured of more innovative approaches to give them a best-in-class experience”.