AXA-Mansard’s H1 gross premium growth grows by 36%

AXA- Mansard Nigeria Plc has shown support to positive investors sentiment the company enjoys on the equities market with rewarding financial statement for the half year one 2017, ended 30th June .

The company’s report released recently showed that gross premium written advanced by 36 per cent, to close the H1 period at N17, 946,621 billion, from N13, 218,844b recorded in the corresponding period 2016.

The result which reported growth in key performance measuring indices, also showed that net premium income soared by 18 per cent to N6,456,217 b, from N5,479,126b recorded in the preceding period 2016, even as P/L lines diminished slightly.

Investment and other income closed the period at N4,134,517b, from N4,125,660b in H1 2016, while Net claims which showed that the company is continually keeping to its obligations to clients, closed at 25 per cent higher to N4,552,946b , from N3,649,535b posted in Q2 2016.

Mr. Kunle Ahmed, Chief Executive Officer, AXA-Mansard Plc, said that the company’s strategic focus on cost optmisation and identifying new revenue yielding areas, has continued to drive earnings and value creation “Our focus on identifying new growth areas in our markets continue to pay off as we grew revenues by 36 per cent despite the challenging operating environment”

The CEO added “We also strengthened the bottom-line through cost optimization and efficient resource utilization as demonstrated by the 4% improvement in our Opex ratio”

Mrs. Rashidat Adebisi, the Chief Financial Officer, commenting on the results, said one of the company’s key goals in 2017 is to improve the efficiency of its reinsurance strategy as a way of managing the anticipated growth in the company’s diversified portfolios.

She said “The improvement in our accounting loss ratio from 80 per cent to 78 per cent in 2017 validates our efforts in this regard”.

Operating Expenses closed at N2, 960,388b, from N2, 824,870b in the comparative period 2016, reflecting 5 per cent change.

Profit Before Tax closed at N2,317,318b , from N2,440,095b in the preceding period, while Profit After Tax also closed lower at N2,122,175b , against N2,263,856b.

The AXA-Mansard H1 result further showed that the company’s total Assets grew by 20 per cent to N65.81b from N54.96bn as at December, 2016.

The cost optmisation commitment by the company’s management reflected in the reduced growth rate of opex which inched by 18 per cent, against 22 per cent growth in H1 2016.

Bonny Amadi