Despite prevailing economic challenges, unaudited 2022 financials presented by Nigeria’s leading insurance provider, AXA Mansard Insurance Plc, indicates that the group has delivered a strong performance in 2022. The listed insurance business grew its revenue by 10% with significant contributions from its Life and Non-life businesses and profit by 95%, compared to December 2021.
Although the company’s claims expense also grew by 21% when compared to FY21, the Company says the growth in claims expense once again demonstrates its continued commitment to its customers, especially at times of uncertainties like this.
According to the unaudited financial statements, the company delivered a total investment income growth of 35% and remained committed to its cost optimization drive, keeping its operating expenses growth at 15%, sub-inflation.
The Company posted an Unaudited PBT of 5.4b for the year ended Dec 2022, which was a growth of 74% compared to Dec 2021 and an Unaudited PAT of 4.9b for the year ended Dec 2022, a growth of 95% compared to Dec 2021.
The Group delivered 15% growth in gross revenues driven by strong volumes performance from the Insurance business and Health businesses..
AXA Mansard Health posted an Unaudited PBT of 363m for the year ended Dec 2022 driven by strong volumes growth of 22% and investment income growth of 5% compared to the year ended 2021However, due to the change in the tax base for the year, the health business posted a loss after tax of 221m for the year ended December 2022. The health business commenced recovery in Q3 2022 after the high claims in H1 which impacted the company’s overall performance.
The Company says it is not deterred by this momentary setback but is focused on its customers and the capacity and resilience of the health business to bounce back and continue in profitability in 2023.
The other two entities within the group, AXA Mansard Investments and APD, also contributed positively to the performance of the group in 2022; although a net fair value loss on the APD property was recorded
Overall, the Group posted an Unaudited PBT of 3.6b and an Unaudited PAT of 2.2b for the year ended Dec 2022.
