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H1‘17: AXA Mansard records 36% increase in gross premium

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H1‘17: AXA Mansard records 36% increase in gross premium

By Rosemary Onuoha

AXA Mansard Insurance Plc, a member of the AXA Group, has reported 36 per cent increase in its    Gross Written Premium in the first half of 2017 (H1‘17)

The company said its gross premium rose     to N17.95 billion in H1‘17 from N13.22 billion in 2016

The company noted that net premium income rose by 18 per cent to    N6.46 billion    from N5.48 billion in 2016. Investment and other income stood at N4.134 billion, a slight increase from N4.125 billion in 2016 while operating expenses stood at N2.96 billion, up by five per cent from N2.82 billion in 2016.

Profit before tax was N2.32 billion, down by five per cent from N2.44 billion recorded in 2016 while profit after tax was N2.12 billion, down six per cent from N2.26 billion in 2016.

Meanwhile, total assets grew by 20 per cent to N65.81 billion from N54.96 billion, while insurance liabilities went up by 78 per cent to N25.71 billion from N14.43 billion. Shareholders’ funds stood at N18.38 billion, a six per cent increase from N17.41 billion.

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