AXA Mansard Posts N25.08bn Gross Written Premium in Q1 2021

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AXA Mansard Insurance Plc has said its gross written premium rose by 19 per cent to N25.08bn in the first quarter of 2021 from N21.09bn in the corresponding period of 2020.

The underwriter disclosed this on Wednesday in a statement, titled ‘Insurer posts N25.08 billion growth in gross written premium’.

It said its net premium income rose by two per cent to N8.34bn in Q1 2021 from N8.21bn in the same period of 2020, while investment and other income fell by 32 per cent to N1.64bn from N2.39bn.

The company said its operating expenses rose by 23 per cent to N2.52bn from N2.05bn in March 2020; profit before tax of N2.92bn rose by 36 per cent from N2.14bn recorded in March 2020; while profit after tax of N2.63bn rose by 34 per cent from N1.96bn in March 2020.

Commenting on the results, the Chief Financial Officer, Mrs Ngozi Ola-Israel, said,

“Our start to the year demonstrates the continued drive to deliver strong and sustainable results. We delivered 34 per cent growth in profit after tax and 90 per cent improvement in underwriting performance despite the uncertainties in the current business environment.

We remain optimistic that the continued support from shareholders, customers, and the member of staff will continue to spur excellent underwriting, investment, and operating performance as we continue to give utmost priority to providing value to our esteemed customers.”

The Chief Executive Officer, AXA Mansard Insurance, Kunle Ahmed, 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.

“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.”