AXA Mansard Insurance Plc. Reports 24% Growth in Gross Written Premium

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Thursday, December 02, 2021 / 12:54 PM / By AXA Mansard / Header Image Credit: AXA Mansard

 

AXA Mansard Insurance plc, a member of the AXA Group announces its financial results for the third quarter ended September 30, 2021.

 

Financial Highlights and Ratios

 

Income Statement Highlights

  • Gross Written Premium of N48.78bn, up 24% from N39.46bn in September 2020Net Premium Income of N27.13bn, up 14% from N23.75bn in September 2020
  • Investment and Other Income of N3.25bn, down 50% from N6.56bn in September 2020
  • Operating Expenses of N6.26bn, up 6% from N5.92bn in September 2020
  • Profit before Tax of N5.00bn, down 29% from N7.06bn recorded in September 2020
  • Profit after Tax of N3.81bn, dip 33% from N5.67bn in September 2020

 

Statement of Financial Position Highlights

  • Total Assets of N109.94bn, up 16% from N94.44bn as at December 2020
  • Insurance Liabilities of N41.64bn, up 41% from N29.60bn as at December 2020
  • Group Shareholders' Funds of N31.96bn, down 6% from N33.94bn as at December 2020
  • Insurance Shareholders' Funds of N27.67bn, dip 6% from N29.37bn as at December 2020

 

Key Ratios

  • Operating Expense Ratio of 15% (September 2020: 17%)
  • Underwriting Expense Ratio of 7% (September 2020: 7%)
  • Loss / Claims Ratio of 53% (September 2020: 42%)
  • Re-Insurance Cost Ratio of 23% (September 2020: 29%)
  • Return on Average Equity of 15% (September 2020: 24%)
  • Return on Average Asset of 5% (September 2020: 8%)
  • Earnings per Share of 39.76k (September 2020: 50.74k) 

 

 

Financial Summary

 

Statement of Financial Position

Sep-21

Dec-20

Growth

 

 N'000

 N'000

%

Total Assets

109,944,518

94,439,720

16%

Reinsurance Assets

13,937,410

6,499,653

114%

Insurance Liabilities

41,636,168

29,597,844

41%

Investment Contracts

9,562,680

9,638,767

-1%

Shareholders' Funds

31,959,379

33,942,870

-6%

Statement of Comprehensive Income

Sep

-21

Sep-20

Growth

 

N'000

N'000

%

Gross Written Premium

48,783,941

39,462,909

24%

Net Premium Income

27,132,013

23,752,788

14%

Investment & Other Income

3,254,242

6,556,970

-50%

 Net Claims

17,646,981

13,975,680

26%

Underwriting Expenses

3,384,943

2,940,894

15%

Underwriting Profit

8,391,002

7,010,833

20%

Operating Expenses

6,263,646

5,924,508

6%

Profit Before Tax

5,001,331

7,059,349

-29%

Profit After Tax

3,805,832

5,671,844

-33%

 

 

Commenting on the results, Mrs. Ngozi Ola-Israel, the Chief Financial Officer said. "The business remained resilient through the third quarter delivering N48.78bn in revenues, growing 24% YoY from N39.46bn and N8.39bn in underwriting profit, growing 20% YoY from N7.01bn. The decline of 29% and 33% respectively in the PBT and PAT is driven by fair value losses in the current year compared to fair value gains in previous year and gain on disposal of a subsidiary in the previous year which did not re-occur this year. The fundamentals of the business remain strong and we remain committed to continuous improvement in our technical and operational performance as we approach the end of the year."

 

Commenting on AXA Mansard's financials at the end of September 2021, Mr. Kunle Ahmed, the Chief Executive Officer, AXA Mansard Insurance, said "We thank our customers and partners for their continued faith in our security and service delivery, they are responsible for the GWP growth recorded in the third quarter despite the challenging economic terrain. The increase in our claims paid further emphasize our financial strength and capacity to protect businesses in a very challenging economy.  As we wrap up year 2021, we will continue to improve our distribution channels, refine our service delivery and horn our underwriting and technical capabilities for the ultimate benefit of our customers."


 

 Proshare Nigeria Pvt. Ltd.


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