AXA Mansard Plc reported its 2023 Q3 results showing pre-tax profits grew by 14.40% year on year, reaching N334.727 million.
This took nine-month pre-tax profits to N15.098 billion versus N2.645 billion in the same period last year.
Key highlights Q3 2023 vs. Q3 2022:
- Insurance revenue: N22.293 billion +25.54% YoY
- Insurance service expense: N15.350 billion +64.63% YoY
- Net expenses from reinsurance contracts held; N4.109 billion -37.85% YoY
- Insurance service results; N2.835 billion +55.53% YoY
- Net investment income: N914.029 million -19.48% YoY
- Results from operating activities: N436.857 million +28.29% YoY
- Finance cost: N102.03 million +113.13% YoY
- Loss after tax for the period: N568.992 million+33.82% YoY
- Cash and cash equivalent: N18.241 billion 35.42%
- Total Assets: N133.450 billion +26.91%
More Insights
AXA Mansard recorded a 55.53% growth in insurance services, primarily driven by the growth in insurance revenue.
This surge in insurance revenue effectively helped offset the rising costs associated with insurance service expenses; insurance claims, etc.
- However, the net loss on financial assets and increased tax expenses played a role in the third-quarter loss after tax of N568.992 million.
- On a more positive note, a substantial foreign exchange gain of N11.186 billion recorded in Q2 mitigated the third-quarter loss after tax and contributed to the nine-month profit after tax of N12.555 billion.
- Consequently, the company declared an interim dividend of 6 kobo per N2 ordinary share, to be paid on December 15, 2023.
