By Rosemary Iwunze
AXA Mansard Insurance Plc has recorded 19 percent Year on Year, YoY, growth in its Gross Written Premium, GWP, to N25.08 billion, in the first quarter ended March 2021, Q1’21, from N21.09 billion recorded in the corresponding period of 2020, Q1’20.
In a statement from the company, net premium income went up by two percent to N8.34 billion in Q1’21 from N8.21 billion in Q1’20 even as investment and other income declined by 32 percent to N1.64 billion from N2.39 billion. Operating expenses increased by 23 percent to N2.52 billion, profit before tax rose by 36 percent to N2.92 billion from N2.14 billion, while profit after tax went up by 34 percent to N2.63 billion from N1.96 billion.
Commenting on the results, Chief Financial Officer of the company, Mrs. Ngozi Ola-Israel, said: “Our start to the year demonstrates the continued drive to deliver strong and sustainable results. We delivered 34 percent growth in PAT 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.”
Also speaking on the financials, the Chief Executive Officer of the company, Mr. Kunle Ahmed, said: “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. This profitability cuts across life, and health portfolios. We remain committed to supporting our customers with the right risk management solutions to ensure that their businesses are well protected during and beyond this unstable period.”