By Henry Uche
AXA Mansard Insurance has recorded Gross Written Premium of N28.64 billion, an increase of 14 per cent from the N25.08 billion recorded in March 2021.
A statement from the insurer revealed that the Net Premium income of N11.57 billion, up by 39 per cent from N8.34billion in March 2021, while investment and other income of N1.23 billion, dip by 25 per cent from N1.64billion in the same month under review.
It also revealed that operating expenses of N2.54 billion, up 1% N2.52 billion, while Profit before Tax of N470 millio, with declining 84 per cent from N2.92 billion, and Profit after Tax of N390 million, and a declining 85per centfrom N2.63 billion, all in March 2021.
Commenting on the results, the Firm’s Chief Financial Officer, Ngozi Ola-Israel, said, “We delivered double-digit revenue growth of 14 per cent YoY from N25.07 billion to N28.64 billion and 39 per cent YoY net income growth from 8.34 bn to 11.57 billion in the first quarter despite a challenging macroeconomic environment,”
However, we also grew Life and Health businesses by 58% and 24 per cent respectively whilst our P & C business dipped 5 per cent as a result of large unrenewable business written in 2021, and deliberate careful selection of risk in 2022. The decline of 84per cent and 85 per cent respectively in the PBT and PAT is largely driven by higher claims experienced in our health portfolio coupled with fair value losses and foreign exchange losses.
The core underlying earnings (excluding fair value gains/losses, capital gains/losses and foreign exchange movements) dipped by 22 per cent mainly driven by the higher claims experienced in our Health portfolio.
“Across all lines of businesses we continue to build necessary actuarial reserves to ensure we have a strong balance sheet,”
Ola-Israel, looking forward affirmed that the company remain optimistic of the value creation possibilities that exist within its business areas and with the continued support of shareholders, customers, and the dedication of staff and other key stakeholders, saying, “We will deliver excellent underwriting, investment, and operating performance as we prioritize providing value to our valued customers.”
Similarly, the Chief Executive Officer, of the Assets Management firm, Kunle Ahmed, asserted that AXA begun the fiscal year 2022 on a solid footing, although it recorded a temporary setback on PBT despite growing revenue by double digit, noting that such experience reflects the macroeconomic uncertainties that have continued to plague global business environment.