By Chiamaka Ajeamo
AXA Mansard Insurance Plc, a member of the AXA Group, said it recorded 56 per cent growth in Profit after Tax (PAT) to N4.54 billion for 2020 financial year from N2.91 billion recorded in 2019.
A breakdown of the company’s financial statement showed that its gross written premium grew by 9 per cent to N47.58 billion as against N43.62 billion recorded in 2019, while net premium income increased by 21 per cent to N31.72 billion, from N26.29 billion posted in 2019. This was as the firm’s investment and other incomes rose by 25 per cent to N7.09 billion from 5.67 billion. Operating expenses was up by 3 per cent to N7.7 billion from N7.51billion, while Profit before Tax (PBT) rose by 58 per cent to N6.04 billion from N3.83 billion recorded in December 2019. Commenting on the results, its Chief Financial Officer, Ngozi Ola-Israel, said. “It was a challenging year, but we achieved strong growth in PAT and underwriting profits (22 per cent). We managed operating costs at a low level of growth of 3 per cent despite COVID headwinds and inflation. We remain committed to delivering excellent underwriting, investment and operating performance, while focusing on the satisfaction of our customers and stakeholders.”
For his part, Chief Executive Officer, AXA Mansard Insurance, Kunle Ahmed, said “The 2020 full year financial record is a proof of our ability to continually support customers to achieve their goals even in the midst of difficult and challenging times.