Business

Firm grows PAT by 56 per cent

firm grows pat by 56 per cent

AXA Mansard Insurance

Despite the challenging operating environment in the country, AXA Mansard Insurance Plc has recorded a 56 per cent growth in profit after tax (PAT) in its audited 2019 financial results. Its PAT rose to N4.54 billion, up from N2.91 billion reported the previous year.

In the statement made available to The Guardian at the weekend, the company said the gross written premium was N47.58 billion, up nine per cent from N43.62 billion posted in 2019 while the net premium income was N31.72 billion, 21 per cent up from N26.29 billion recorded in 2019

According to the organisation, investment and other income of N7.09 billion, up 25 per cent from 5.67 billion; operating expenses of N7.7 billion, up 3 per cent N7.51billion, while profit before tax of N6.04 billion, up58 per cent from N3.83 billion recorded in December 2019

Chief Executive Officer, AXA Mansard Insurance, Kunle Ahmed, said: “The 2020 full-year financial record is proof of our ability to continually support customers to achieve their goals even during difficult and challenging times.

“We are pleased that our continued effort to build a resilient non-bank financial services institution is yielding positive results.”

Commenting on the results, the Chief Financial Officer of the company, Ngozi Ola-Israel, said: “It was a challenging year, but we achieved strong growth in PAT (56 per cent) and underwriting profits (22 per cent). We managed operating costs at a low level of growth of three per cent despite COVID headwinds and inflation.

“We remain committed to delivering excellent underwriting, investment and operating performance while focusing on the satisfaction of our customers and stakeholders.”





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