AXA Mansard Insurance plc a member of the AXA Group has linked its profit before tax growth in its unaudited financial results for the period ended September 30, 2015 to a 55 percent rise in investment and other incomes.
The PBT rose by 28 percent from N1.35 billion recorded in September 2014 to N1.72 during the same period in 2015, while the profit after tax (PAT) also grew by 32 percent from N1.14 billion as at September 2014 N1.51 billion during the review period.
Rashidat Adebisi, the chief financial officer said “In the quarter under review, Profit before Tax grew by 28 percent, this was driven by a 55 percent growth in investment & other income and a 3 percent decline in underwriting expense.
On the gross written premium which dropped by 8 percent, from N14.75 billion in 2014 to N13.50 billion in the review period, Adebisi explained was caused by the non-renewal/delay of certain transactions as a result of the prevailing macro-economic uncertainties.
She however said that looking forward, “we maintain a positive outlook as the new administration begins to issue polices that would give the economy a positive direction”.
Net premium income stood at N7.31billion, up 12 percent from N6.55 billion as at September 2014 while investment and other income of N3.20 billion was achieved, up 55 percent from N2.06 billion in September 2014
Operating expenses however rose to N3.60 billion, up 18 percent from N3.04 billion as at September 2014
On the balance sheet, the Company recorded a total asset of N50.59 billion, a growth of 13 percent from N44.89 billion in December 2014, while shareholders’ funds grew also by 13 percent fromN17.12billion to N15.20 billion.
Commenting also on the Company’s integration with the AXA Group, Tosin Runsewe, the chief client Officer, said “In the quarter, we upgraded our brand to align with AXA Group (the No. 1 Insurance brand globally according to Interbrand). Our services and processes are being upgraded to ensure all our customers receive best value.”
He said, “We continue to focus on creating flexible and innovative distribution channels for our customers as we recently launched our Digital platform which allows customers purchase products electronically”.
Runsewe stated that customers who have used this platform continue to express their delight, and are assured of more innovative approaches to give them a best-in-class experience”.
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