AXA-Mansard Insurance Plc has projected to achieve N55.613 billion gross premium written for the third quarter ending September 2022.
In its Forecast Profit and Loss Accounts Information for the Q3 earnings obtained from the Nigerian Exchange Limited (NGX), the insurance firm also projected N2.251 billion as profit after tax and N3.301 billion as profit before tax for the period.
AXA-Mansard’s projection for net premium income stood at N51.720 billion while net claim expenses for the period was N23.663 billion.
AXA Mansard Insurance Plc, a member of the AXA Group and a global insurance and asset management firm, said its gross written premium rose by 14% to N28.64 billion by the end of the first quarter of 2022, from N25.08 billion in March 2021.
The firm said in a statement that its net premium income rose by 39 per cent to N11.57 billion, from N8.34 billion in March 2021, while investment and other income fell by 25% to N1.23billion, from N1.64billion in March 2021.
It stated that its operating expenses rose by one per cent to N2.54billion from N2.52billion in March 2021, while profit before tax declined by 84% to N470million, from N2.92 billion in March 2021, and profit after tax declined by 85% from N2.63 billion to N390 million in March 2021.
What the company is saying
Commenting on the results, the Chief Financial Officer, AXA Mansard Insurance, Mrs Ngozi Ola-Israel, said, “We delivered double-digit revenue growth of 14 per cent YoY from N25.07bn to N28.64bn and 39 per cent YoY net income growth from 8.34bn to 11.57bn in the first quarter despite a challenging macroeconomic environment.
- “However, we also grew life and health businesses by 58 per cent and 24 per cent respectively while our P & C business dipped five per cent as a result of large unrenewable business written in 2021 and deliberate careful selection of risk in 2022.
- “The decline of 84 per cent and 85 per cent respectively in the PBT and PAT is largely driven by higher claims experienced in our health portfolio coupled with fair value losses and foreign exchange losses.
- “The core underlying earnings (excluding fair value gains/losses, capital gains/losses and foreign exchange movements) dipped by 22 per cent mainly driven by the higher claims experienced in our health portfolio. Across all lines of businesses, we continue to build necessary actuarial reserves to ensure we have a strong balance sheet.”
Other key projections
- Underwriting profit 7,460,433
- Investment and other income 4,352,279
- Operating expense 8,327,016
- Cashflow From Operating Activities 5,668,660
- Cashflow From Financing Activities 2,250,000
- Cashflow From Investing Activities 2,842,247
