AXA Mansard Insurance Plc has declared N4.54 billion profit after tax in its audited report for financial year 2020.
The figure represents 56 percent growth from the N2.91 billion recorded in December 2019
The company said its gross written premium of N47.58 billion also went up 9 per cent from N43.62 billion while Net Premium Income of N31.72 billion, up 21 per cent from N26.29bn in December 2019.
Similarly, investment and other income of N7.09 billion went up 25 per cent from5.67 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.
Commenting on the results, Mrs. Ngozi Ola-Israel, the Chief Financial Officer said though 2020 was a challenging year, the company managed to achieve strong results.
“It was a challenging year, but we achieved strong growth in PAT (56%) and Underwriting profits (22%). We managed operating costs at a low level of growth of3% 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,” she said.
Speaking on the financial development of the firm at the end of December 2020, the Chief Executive Officer, AXA Mansard Insurance, Kunle Ahmed, said “The 2020 full Year financial record is a proof of our ability to continually support customers to achieve their goals even in the midst of difficult and challenging times.
“With the support of our partners and through the harnessing of our distribution network, we achieved remarkable growth on our Health and P & C lines throughout the year. We are pleased that our continued effort to build a resilient non-bank financial services institution is yielding positive results”