By Nike Popoola
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 N69bn for the year ended December 31, 2022.
It said in a statement that property and casualty were down three per cent to N27bn, life and savings rose by 49 per cent to N13.8bn, while health rose by 22 per cent to N27.7 bn as of the end of December 2022.
Commenting on the results, the Chief Financial Officer, 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 N60.2bn to N69.0bn and net premium income growth of 24 per cent YoY from N37.1bn to N46.1bn.
According to her, the firm had 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 three 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 was driven by the higher claims experience in the health portfolio as well as fair value losses on our investment property.
She said, “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.
“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 by15 per cent YoY (69bn vs 60.2bn). Growth was driven by L&S (+49 per cent) and health (+22 per cent) although P&C declines three per cent 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.
Source: The Punch