Business & Economy

AXA Mansard Records 15% Growth In Gross Written Premium

AXA Mansard Insurance Plc, a member of the AXA Group and a global insurance and asset management firm has said its gross revenue rose by 15 per cent to ₦69 billion for the year ended December 31, 2022.

BrandNewsDay noted that AXA Mansard Insurance in a statement said that Property and Casualty were down three per cent to ₦27 billion, Life and Savings rose by 49 per cent to ₦13.8 billion while Health rose by 22 per cent to ₦27.7 billion in December 2022.

Commenting on the results, the Chief Financial Officer, of AXA Mansard Insurance Plc, Mrs Ngozi Ola-Israel, said “Despite the macroeconomic challenges the business faced in the 2022 financial year, the insurer was able to deliver strong double-digit revenue growth of 15 per cent YoY from ₦60.2 billion to ₦69.0 billion and net premium income growth of 24 per cent YoY from ₦37.1billion to ₦46.1billion.

Advertisement

According to her, the firm has remained focused on its growth plan across business lines by delivering 49 per cent and 22 per cent growth on its Life and Health businesses respectively while the P&C 3 per cent decline was driven by a deliberate selection of risks to drive profitability.

The decline of 42 per cent and 35 per cent respectively in the PBT and PAT is driven by the higher claims experience in the health portfolio as well as fair value losses on our investment property.

RECOMMENDED: AM Best Affirms Credit Ratings Of AXA Mansard Insurance

We made significant recoveries in the second quarter of 2022 with the health business moving from break-even to closing with profits of 0.3bn at the end of the year.

Advertisement

We have taken all necessary steps to strengthen our balance sheet and have set the right platform for continued profitability in 2023.”
Gross revenues: grew 15% YoY (69bn vs 60.2bn). Growth was driven by L&S (+49%) and Health (+22%) although P&C declined 3% owing to one-off impacts regarding a non-renewable transaction and a change in the timing of booking of another transaction in the CL P&C portfolio. Life volume acceleration is spurred by the fast onboarding of the new life savings product.

Health volumes improve due to increased premiums and renewals for key commercial line clients.

AXA Mansard Records 15% Growth In Gross Written Premium

Founder/Chief Executive Officer, Spytrac Telematics Services Limited, Ijeoma Mary Chukwu (left); Chief Customer and Marketing Officer, AXA Mansard, Jumoke Odunlami ; Founder Nutraboom Nutrition, Oluwakemi Laniyan; Founder Autogirl, Chinazom Arinze , at the 2023 IWD SME Pitch Competition organised by AXA Mansard in Lagos.

P&C declined 3% YoY owing to the non-recurrence of premiums from commercial lines which declined 6% YoY (24.7bn vs 26.3bn).
The decline is driven by shortfalls in the Engineering and marine portfolios while oil & energy remained flat. The engineering dip is driven by one-off unrenewable transactions in the prior year.

The group remains committed to ensuring improved performance through an improved distribution network, process automation, and client retention.

Advertisement

L&S business grows 49% YoY driven by improved performance in the group life (+20%) and individual life businesses (+107%). The life and savings business has experienced strong customer retention and sales drive from launching the new life savings product. Overall, improved agent productivity and digital footprint also contributed to the growth in revenues.

Total revenues improved 18% YoY, with higher management fees benefiting from improved 3rd party assets under management. AuMs for corporate clients grew 51% as the client count grew by 21% leading to a 16% growth in 3rd party AuMs and a 6% growth in total AuMs.

Overall, PBT declined by 42% YoY driven by the high claims experience in the health business. The Health business commenced recovery in H2 2022 and was able to deliver profits above N300mnat the end of the year. We have remained market leaders in the health segment with a strong focus on providing excellent customer experience while partnering with health providers. Growth in P&C (+23%) vs. LY is attributable to improved net premium income, investment income, and reduced claims. L&S grew 448% YoY due to improved revenue performance, investment income, and a strong drive for operational efficiency.

Advertisement
Facebook Comments
Brand News Day

Recent Posts

Apple Unveils iPhone 17 Air, Slick, Slimmer Than Previous Models (PHOTOS)

Apple Inc is set to present a slimmer iPhone 17 Air model, marking a potential…

2 weeks ago

Six-Year-Old Ella Shoots, Kills American Police Officer In Mother’s Defense

A six-year-old girl, Ella, fatally shot a 28-year-old American police officer last month after witnessing…

2 weeks ago

LIRS Urges Taxpayers To Meet March 31 Deadline For Annual Tax Return Submission

The Lagos State Internal Revenue Service (LIRS) reminds all individual taxpayers, including self-employed individuals, those…

2 weeks ago

Stanbic IBTC Bank Partners Autochek To Boosts Car Ownership, Disburses N4Bn

Stanbic IBTC Bank, a prominent financial institution in Nigeria, has partnered with Autochek, an innovative…

3 weeks ago

Stanbic IBTC PMI®: Output Growth Accelerates To Fastest In Just Over One Year

The headline figure derived from the survey is the Stanbic IBTC PMI® - Purchasing Managers’…

3 weeks ago

Stanbic IBTC Bank Reintroduces Its Private Banking Offerings To Empower Nigerians Build Lasting Wealth

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings and a leading financial service solutions…

3 weeks ago

This website uses cookies.