Win BIG in the AXA
Motor Insurance Promo
| title of post

AXA Mansard Insurance plc. Records 56% growth in Profits After Taxes (Audited)


AXA Mansard Insurance plc, a member of the AXA Group announces its audited financial results for full year 2020.

Financial Highlights and Ratios

Income Statement Highlights

  • Gross Written Premium of N47.58bn, up 9% from N43.62bn in December2019
  • Net Premium Income of N31.72bn, up 21% from N26.29bn in December2019
  • Investment and Other Income of N7.09bn, up 25% from 5.67bn in December2019
  • Operating Expenses of N7.7bn, up 3% N7.51bn in December2019
  • Profit before Tax of N6.04bn, up 58% from N3.83bn recorded in December2019
  • Profit after Tax of N4.54bn, up 56% from N2.91bn in December2019


Statement of Financial Position Highlights

  • Total Assets of N94.44bn, up 2% from N92.29bn as at December 2019
  • Insurance Liabilities of N29.59bn, up 18% from N25.16bn as at December 2019
  • Group Shareholders’ Funds of N33.940bn, up 34% from N25.26bn as at December 2019
  • Insurance Shareholders’ Funds of N29.37bn, up 27% from N23.09bn as at December 2019


Key Ratios

  • Operating Expense Ratio of 17% (December2019: 18%)
  • Underwriting Expense Ratio of 8% (December2019: 8%)
  • Loss / Claims Ratio of 47% (December2019: 45%)
  • Re-Insurance Cost Ratio of 25% (December2019: 30%)
  • Return on Average Equity of 20% (December2019: 17%)
  • Return on Average Asset of 6% (December2019: 5%)
  • Earnings per Share of 14k (December2019: 11k)


 Financial Summary


Statement of Financial Position Dec-20 Dec-19 Growth
 N’000  N’000 %
Total Assets 94,439,720 92,288,748 2%
Reinsurance Assets 6,499,653 8,974,246 -28%
Insurance Liabilities 29,597,844 25,162,941 18%
Investment Contracts 9,638,767 8,430,460 14%
Shareholders’ Funds 33,942,870 25,260,145 34%


Statement of Comprehensive Income Dec-20 Dec-19 Growth
  N’000 N’000 %
Gross Written Premium 47,583,434 43,620,265 9%
Net Premium Income 31,716,484 26,290,070 21%
Investment & Other Income 7,089,381 5,673,080 25%
 Net Claims 20,272,214 17,490,221 16%
Underwriting Expenses 3,797,462 3,491,524 9%
Underwriting Profit 7,437,132 6,118,066 22%
Operating Expenses 7,705,603 7,514,058 3%
Profit Before Tax 6,038,755 3,833,253 58%
Profit After Tax 4,540,337 2,908,272 56%


Commenting on the results, Mrs. Ngozi Ola-Israel, the Chief Financial Officer said. “It was a challenging year, but we achieved strong growth in PAT (56%) and Underwriting profits (22%). We managed operating costs at a low level of growth of 3% despite COVID headwinds and inflation. We remain committed to delivering excellent underwriting, investment and operating performance while focusing on the satisfaction of our customers and stakeholders.


Commenting on AXA Mansard’s financials at the end of December 2020, Mr. Kunle Ahmed, the Chief Executive Officer, AXA Mansard Insurance, said The 2020 full Year financial record is a proof of our ability to continually support our customers to achieve their goals even in the midst of difficult and challenging times. With the support of our partners and through the harnessing of our distribution network, we achieved remarkable growth on our Health and P & C lines throughout the year. We are pleased that our continued effort to build a resilient non-bank financial services institution is yielding positive results”


MARKETING TEAM marketingteam@axamansard.com
INVESTOR RELATIONS CONTACT investorrelations@axamansard.com


Subscribe to our email alerts

Be the first to know about AXA's news directly in your mailbox

As explained in our Privacy Notice specifying the use we make of your personal data and for which duration your information will be kept, AXA SA, as data controller, processes your email address to send you the AXA newsletters. You have the right to withdraw your consent with regard to the above described processing at any time. However, please note that the withdrawal of your consent will not affect the lawfulness of processing based on consent before its withdrawal.