Insurance giants, AXA Mansard Insurance Plc, has disclosed that its gross written premium increased by 19% to N25.08bn in the Q1 2021 from N21.09bn in Q1 2020.
According to a statement made available to newsmen on Wednesday and entitled ‘Insurer posts N25.08 billion growth in gross written premium’, the company increased its net premium income by 2% from N8.21bn in Q1 2020 to N8.34bn in Q1 2021 while investment and other income dropped by 32% to N1.64bn from N2.39bn.
Axa Mansard maintained that its operating expenses increased by 23% from N2.05bn in March 2020 to N2.52bn in March 2021. Pretax profit increased by 36% from N2.14bn recorded in March 2020 to N2.92bn in March 2021. Profit after tax also increased by 34% from N1.96bn in March 2020 to N2.63bn in March 2021.
Elaborating on the release, Mrs. Ngozi Ola-Israel, the CFO, Axa Mansard, 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 company’s CEO, 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.”
Azuka Edokobi is a Writer , a Farmer, a Supply Chain Expert and an Entrepreneur