The management of AXA Mansard Insurance PLc has in it’s un-audited financial report declared a gross within premium of N21.8 billion as at March, 2020, a tremendous improvement by 21 percent from the N17.42 billion it recorded in 2019.
The Company’s Net Premium income also grew astronomically by N8.25 billion from the N5.95 billion in 2019.
AXA Mansard recorded profit before tax of N2.01billion, a 96 percent increase in 2020 compared to the N1.02billion it declared in March, 2019, while the profit after tax jumped by 105 percent to N1.82billion in 2020 as compared to the N89billion of 2019.
The superlative performance of AXA Mansard also showed that its total asset base stood at N104.32billion up by 13percent from N92.28billion of 2019, while the group’s shareholders funds increased to N26.85billion, up by six percent from N25.26billion of December, 2019.
Speaking about the unprecedented performance of AXA Mansard Insurance in March, 2020, it’s Chief Executive Officer, Kunle Ahmed said despite the challenges arising from the outbreak of COVID-19 towards the end of the quarter, they were still able to grow their premium income and recorded strong profitability growth.
Ahmed said: “While the health business remains the fastest growing and the commercial lines continue to hold its share of the market, our retail Business continue to justify the investment in our retail structure with 46percent growth over the same period last period.