AXA Mansard More Than Doubles Profit to N30.15bn in Q3

AXA Mansard Insurance Plc profit spiked more than 140 percent in the third quarter as the company reinforces its resilience and capacity to produce sustainable results even in a challenging business environment.

The insurer’s outstanding performance demonstrates its dedication to ensuring sustainable growth in the face of a challenging environment as it achieved improved revenue and operating performance.

For the first nine months through September 2024, AXA Mansard’s profit after tax (PAT) rose to N30.15 billion from N12.55 billion as at September 2023.

Insurance revenue followed the same growth trajectory as it increased by 59.31 percent to N98.24 billion in the period under review from N61.29 billion the previous year.

A breakdown of the top line (sales) figures shows revenue spiked by 98.25 percent to N47.72 billion in September 2024 from N24.07 billion as at September 2023. Revenue from Life business rose by 30.29 percent to N17.16 billion in the period under review from N13.17 billion the previous year. The Health segment did well as it grew by 38.66 percent to N33.35 billion in September 2024 from N24.05 billion as at September 2023.

It is important to note that the insurer’s earnings have been improving immediately after the relaxation of the lockdown policies imposed to curb the spread of the coronavirus pandemic which crippled business activities.

Of course, the insurer benefits from a slew of innovative products that are making an inroads into the Nigeria market as they are being accepted by customers.

With the company’s focus on resilience, it will remain an exceptional insurer with great financial strength, excellent underwriting capabilities and efficient claims management processes. capabilities while prioritizing our customer-centricity, growth and profitability.

It is worthy to note that the devaluation of the currency which has undermined manufacturers is a boon for the insurer as it realised N27.018 billion in foreign exchange gains, which is 170.32 percent from 2023’s N10.11 billion.

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