By Henry Uche
AXA Mansard Insurance Plc, a member of the AXA Group has recorded 19 per cent growth in Gross Written Premium (GWP) in the financial results for the third quarter ended September 30, 2022.
Speaking on the result, the Chief Financial Officer (CFO) of the company, Mrs. Ngozi Ola-Israel, said, “2022 has been a challenging and dynamic year for the business occasioned by heightened levels of inflation and consequent impact on businesses and households.
According to her, despite the challenges, the company was able to deliver double-digit revenue growth of 19 per cent YoY from N48.8bn to N57.9 billion and 19 per cent YoY net premium income growth from N27.1bn to N34.7bn at the end of the third quarter of the year.
The CFO affirmed that AXA Mansard remains strongly focused on disciplined execution of its portfolio growth ambitions and have delivered 6 per cent, 55 per cent and 19 per cent growth on its P&C, Life and Health businesses respectively.
“This performance further reinforces our resilience and capacity to produce sustainable results. We advanced with our focus on profitability also with profits before tax for the insurance business growing by 6 per cent YoY while the Health business commenced recovery in the 3rd quarter and is positioned to record profits for the full year. Investment incomes provided strong support for the group performance as well, growing 29 per cent YoY,” she maintained.
Commenting on the development, the Chief Executive Officer of the company, Kunle Ahmed, said, “Despite the challenges within the business operating environment, the company’s performance reaffirms the company’s resilience and its strategy for long term growth and sustainable strong performance.
According to him, the company has remained focus on identifying new growth areas in the markets, strengthening its partnerships, and refining its distribution strategy as it grew revenues by 19 per cent.
“With our focus on prioritization and efficiency, we are taking steps to strengthen our balance sheet as well as our underwriting and claims management processes. Looking forward to 2023, the last quarter of the year presents a crucial opportunity to consolidate on our wins and all other measures that will help us navigate the current economic environment whilst we continue to take strategic steps to keep advancing as an exceptional insurer with great financial strength and excellent underwriting capabilities,” he assured.
