Mansard Insurance plc shareholders have expressed satisfaction with the company’s expansion project, which they say positions the firm for stronger growth in the near future.
The shareholders, who were excited at the coming into the company of AXA Group, a global insurance giant with presence in 56 countries, 160 million employees and serving 102 million clients, believe that it places Mansard on global business map for competitive edge.
Some of the shareholders, who spoke at the company’s 23 annual general meeting in Lagos, said it was a wise decision by the board and management to arrange the deal, making the company more international.
“We are also happy that Mansard acquired 60 percent equity stake in Penman Pensions Limited, a pension fund administrator,” they said. It would in no distant time impact the performance of the company and enhance shareholder value, one of the shareholders, Peter Abiodun, said.
AXA Group in December 2014, in a bid to actualise its sub-Saharan African expansion ambition, acquired 100 percent equity in Assur Africa Holding (AAH), which holds a 77 percent stake in Mansard Insurance, thereby making AXA the majority owner of Mansard.
Victor Osibodu, chairman of the company, said “Mansard stands to benefit from limitless access to global resources, capacity development and stronger global recognition, most especially in the corporate space.
“I am very confident that these factors will transcend into better service delivery and product innovation that will deliver unequalled solutions to our esteemed customers and translate into increased returns for all shareholders.”
Tosin Runswe, chief client officer, Mansard, said the company had continued to restructure its strategic plan to align with its growth plans.
According to him, the strategic objective of the company in the next five years would be to build structures to enhance retail distribution channels; create technology aided value-added services and solutions; build a corporate structure that will enhance the efficiency of the group’s multi-line businesses; play a leading role in implementing regulations and risk standards within the industry as well as explore investments into other emerging markets in sub-Saharan Africa.
On the financials for the year ended December 31, 2014, Mansard Insurance Group recorded gross premium written of N17.4 billion from N13.59 billion recorded in 2013, indicating a 28 percent increase. Net premium earned also grew by 20 percent to close at N9.05 billion as against N7.54 billion in the previous year.
Underwriting income appreciated 79 percent from N1.89 billion in 2013 to N3.38 during the review period, while investment income and other incomes slide marginally by 3 percent to close at N3.60 billion.
Mansard however closed the year with a profit before tax of N2.02 billion from N1.98 billion in 2013, while the profit after tax stood at N1.53 billion from N2.09 billion the previous year.
The drop in profit the company explained was due to expenses resulting from acquisition as well as business expansion, which gave rise to more agency offices called Mansard Welcome Centres.
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