AXA Mansard Plc has outperformed AIICO Insurance to become the largest company by profit as revenue spiked on the back of improved patronage from customers.
AXA Mansard posted profit after tax that surged 91.88 percent to N25.11 billion, larger than peer rivals Custodian Investment’s profit of N22.40 billion; AIICO Insurance Plc, N12.94 billion; NEM Insurance Plc, N10.62 billion; Consolidated Hallmark Plc, N7.52 billion; Coronation Insurance Plc, N6.26 billion; Linkage Assurance Plc, N4.03 billion; and Prestige Assurance Plc, N3.10 billion, according to data gathered by MoneyCentral.
Insurers in Africa’s most populous nation posted record profits on the back of improved demand across all lines of business. It is noteworthy that regulations have an important role to play in the impressive performance.
Further analysis of AXA Mansard’s financial statement shows insurance revenue surged by 68.25 percent to N65.21 billion in June 2024 from N39 billion the previous year.
The company realised N23.97 billion in foreign exchange gains as financial institutions are the largest beneficiary of a weak Naira.
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