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”
