AXA Mansard Insurance Plc Records 19% Growth in Gross Written Premium in Q1 2021

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Friday, May 21, 2021 / 04:30 PM / By AXA Mansard / Header Image Credit: AXA Mansard



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AXA Mansard Insurance plc, a member of the AXA Group, announces its financial results for the first quarter ended March 31, 2021.

 

Financial Highlights and Ratios

 

Income Statement Highlights

  • Gross Written Premium of N25.08bn, up 19% from N21.09bn in March 2020
  • Net Premium Income of N8.34bn, up 2% from N8.21bn in March 2020
  • Investment and Other Income of N1.64bn, down 32% from 2.39bn in March 2020
  • Operating Expenses of N2.52bn, up 23% N2.05bn in March 2020
  • Profit before Tax of N2.92bn, up 36% from N2.14bn recorded in March 2020
  • Profit after Tax of N2.63bn, up 34% from N1.96bn in March 2020

 

Statement of Financial Position Highlights

  • Total Assets of N109.7bn, up 5% from N104.9bn as of March 2020
  • Insurance Liabilities of N40.97bn, up 16% from N35.23bn as of March 2020
  • Group Shareholders' Funds of N36.94bn, up 13% from N32.65bn as of March 2020
  • Insurance Shareholders' Funds of N31.82bn, up 29% from N24.60bn as of March 2020

 

Key Ratios

  • Operating Expense Ratio of 20% (March 2020: 18%)
  • Underwriting Expense Ratio of 9% (March 2020: 9%)
  • Loss / Claims Ratio of 50% (March 2020: 51%)
  • Re-Insurance Cost Ratio of 22% (March 2020: 21%)
  • Return on Average Equity of 9% (March 2020: 8%)
  • Return on Average Asset of 3% (March 2020: 2%)
  • Earnings per Share of 7k (March 2020: 15k)

 

Financial summarY

 

Statement of Financial Position

Mar-21

Mar-20

Growth

 

 N'000

 N'000

%

Total Assets

109,702,456

104,861,021

5%

Reinsurance Assets

16,074,176

12,920,757

24%

Insurance Liabilities

40,965,597

35,227,452

16%

Investment Contracts

9,585,358

8,485,277

13%

Shareholders' Funds

36,940,201

32,654,672

13%

Statement of Comprehensive Income

Mar-21

Mar-20

Growth

 

N'000

N'000

%

Gross Written Premium

25,077,538

21,085,450

19%

Net Premium Income

8,342,743

8,207,256

2%

Investment & Other Income

1,639,617

2,394,736

-32%

 Net Claims

5,409,995

5,562,293

-3%

Underwriting Expenses

1,141,639

1,054,902

8%

Underwriting Profit

3,899,969

2,050,985

90%

Operating Expenses

2,519,565

2,051,039

23%

Profit Before Tax

2,919,983

2,140,969

36%

Profit After Tax

2,631,939

1,959,678

34%

 

Commenting on the results, Mrs. Ngozi Ola-Israel, the Chief Financial Officer, said. "Our start to the year demonstrates our continued drive to deliver strong and sustainable results. We delivered 34% growth in PAT and 90% improvement in underwriting performance despite the uncertainties in the current business environment. We remain optimistic that the continued support from shareholders, customers, and dedication of staff and other key stakeholders will continue to spur excellent underwriting, investment, and operating performance as we continue to give utmost priority to providing value to our esteemed customers.

 

Commenting on AXA Mansard's financials at the end of the first quarter of 2021, Mr. Kunle Ahmed, the Chief Executive Officer, AXA Mansard Insurance, said “Although the world is still battling with the pandemic and its effects on various economies, many businesses are cautiously optimistic for a more stable environment. Thankfully, at AXA Mansard, despite the challenging economic terrain, we have been able to grow our premium incomes and recorded strong profitability growth in the first quarter of the year. This profitability cuts across P & C, Life and Health portfolios. We remain committed to supporting our customers with the right risk management solutions to ensure that their businesses are well protected during and beyond this unstable period."




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