AXA Mansard Insurance Posts N1.51 Billion Profit

AXA Mansard Insurance Plc, a member of the AXA Group has posted gross premium of N13.50 billion and profit after tax of N1.51 billion for the third quarter ended September 30, 2015.

Specifically, the company’s unaudited performance showed gross premium of N13.50billion, against N14.75billion achieved in the corresponding period last year, while Profit after Tax rose by N1.51billion, representing 32per cent rise, from N1.14billion posted in 2014.

The company’s net premium income stood at N7.31billion, 12 per cent increase when compared to N6.55billion recorded in the previous year while profit before tax rose from N1.35billion to N1.72bil.lion during the period under review.

Commenting on the result, the Chief Financial Officer of the company, Mrs. Rashidat Adebisi, said: “In the quarter under review, Profit Before Tax grew by 28per cent, this was driven by a 55per cent growth in investment & other income and a 3per cent decline in underwriting expense.

“However, gross premium written declined by 8per cent, this was caused by the non-renewal/delay of certain transactions as a result of the prevailing macroeconomic uncertainties. Looking forward, we maintain a positive outlook as the new administration begins to issue policies that would give the economy a positive direction.”

Speaking on the company’s integration with the AXA Group, the Chief Client Officer, Tosin Runsewe explained that the company upgraded its brand to align with AXA Group the number one insurance brand globally according to Interbrand.

“Our services and processes are being upgraded to ensure all our customers receive the best value. We continue to focus on creating flexible and innovative distribution channels for our customers. We recently launched our digital platform, which allow customers to purchase products electronically. Customers who have used this platform continue to express their delight. Our customers can be assured of more innovative approaches to give them a best-in-class experience”.