AXA Mansard Insurance Plc has released its unaudited financial statement for the full-year 2022.
The company reported N3.629 billion as profit before tax for the year, representing a 37.3% decline from the N5.784 billion pre-tax profit reported in 2021.
See the key details of the financial report below.
Gross Written Premium
2022 FY: N68.980 billion
2021 FY: N60.197 billion
Change: +14.6%
Gross Premium income
2022 FY: N69.445 billion
2021 FY: N55.722 billion
Change: +24.628%
Net premium income
2022 FY: N46.207 billion
2021 FY: N37.142 billion
Change: +24.4%
Net underwriting income
2022 FY: N48.604 billion
2021 FY: N39.002 billion
Change: +24.6%
Net underwriting expenses
2022 FY: N40.231 billion
2021 FY: N29.773 billion
Change: +35.1%
Pre-tax profit
2022 FY: N3.629 billion
2021 FY: N5.784 billion
Change: -37.3%
Net Profit after tax
2022 FY: N2.234 billion
2021 FY: N3.735 billion
Change: -40.2%
Basic Earnings Per Share
2022 FY: N5.02
2021 FY: N3.88
Change: +29.4%
Bottom line: The company saw a decline in profit for the period despite the increase in gross premium income amid an inflationary year.
Axa Mansard increased income across its life (Group life and individual life) and HMO to N13.803 billion and N27.747 billion from N9.237 billion and N22.651 billion while its non-life business declined slightly to N27.429 billion from N28.309 billion.
