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AXA Mansard Insurance Plc, a member of the AXA Group and a global insurance and asset management firm, recorded revenue growth that validates the insurer’s focus and market penetration strategies.
The firm said that gross premium income was up 33.87 percent to N37.41 billion in June 2022 from N25.92 billion as at June 2021.
Drilling down the numbers shows gross premium from Life Insurance (Group Life and individual life) rose by 67.48 percent to N8.91 billion in June 2022 while revenue from Non-Life was up 7.64 percent to N19.16 billion in the period under review.
The health business (AXA Mansard Health HMO) also followed the same growth trajectory as increased by 18.70 percent to N16.89 billion in the period under review from N14.05 billion the previous year.
Net premium income (NPI) rose by 30.53 percent to N22.74 billion in the period under review from N17.42 billion the previous year.
However, the insurer suffered decline in profit due to higher claims experienced in the health portfolio and rising claims brought on by reopening of the economy as well as inflationary pressures and currency devaluation that ballooned the replacement costs of assets.
Net income dipped by 161.66 percent to N871.53 million in June 2022 from N2.28 billion as at June 2021.
The company reconstructed its share capital in 2021, increasing the nominal value from 50 kobo to N2.00 per unit while the number of shares outstanding was reduced to 9 billion units (previously: 36 billion units).
AXA Mansard combined ratio improved to 103.83 percent in June 2022 from 116.31 percent the previous year, but below the 100 percent benchmark.
Claims expenses were up 16.78 percent to N1.68 billion in 2021 from N1.37 billion the previous year.
The insurer saw investment income jump 21.57 percent to N2.93 billion in June 2022 from N2.41 billion as at June 2021.
Mansard continues to uphold its commitment to returning value to shareholders as it declared a dividend of 25kobo per share (estimated at N2.3bn) for the period ended 31st December 2021.