Axa Mansard reported its second-quarter earnings showing pre-tax profits grew by 597% to N12.8 billion.
The rise in profitability helped boost half-year pre-tax profits helping it rise to N14.7 billion compared to just N1.3 billion same period last year.
Key highlights
- Net premium income N19.5 billion +12.1% YoY
- Non-Life income N7.2 billion -7.7%
- Life and Individual Life income N4.17 billion +23%
- Axa Mansard Health (HMO) N8.19 billion +30.9%
- Claims N9.6 billion +23.7%
- Insurance service results N2.4 billion -2.4%
- Net investment income N13.4 billion 702%
- Pre-tax profits N12.5 billion +597%
- Insurance Contract Liabilities N74.1 billion vs N55.1 billion (December 31, 2022)
- Net Assets N41.4 billion vs N29.69 billion
Insights
Axa Mansard’s second-quarter performance was driven by a foreign exchange gain of N11.1 billion which is related to the investments it holds in forex. The company was also able to earn big from its HMO business which is now its major contributor to revenues.