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AXA Mansard Insurance plc. reports N24.9bn shareholders funds for full-year 2019 (unaudited)

PRESS RELEASE

AXA Mansard Insurance plc, a member of the AXA Group announces its unaudited financial results for the period ended December 31, 2019

Financial Highlights and Ratios

Income Statement Highlights

  • Gross Written Premium of N43.62bn, up 29% from N33.92bn in December 2018
  • Net Premium Income of N26.34bn, up 34% from N19.70bn in December 2018
  • Investment and Other Income of N5.96bn, down 5% from 6.29bn in December 2018
  • Operating Expenses of N7.93bn. down 6% from N8.40bn in December 2018
  • Profit before Tax of N3.57bn, up 6% from N3.38bn recorded in December 2018
  • Profit after Tax of N2.67bn, up 8% from N2.48bn in December 2018

Statement of Financial Position Highlights

  • Total Assets of N93.33bn, up 27% from N73.77bn as at December 2018
  • Insurance Liabilities of N24.90bn, up10% from N22.54bn as at December 2018
  • Group Shareholders’ Funds of N24.94bn, up 19% from N20.93bn as at December 2018
  • Insurance Shareholders’ Funds of N22.65bn, up from N16.77bn as at December 2018

Key Ratios

  • Operating Expense Ratio of 15% (December 2018: 18%)
  • Underwriting Expense Ratio of 8% (December 2018: 12%)
  • Loss / Claims Ratio of 45% (December 2018: 53%)
  • Re-Insurance Cost Ratio of 34% (December 2018: 22%)
  • Return on Average Equity of 11% (December 2018: 12%)
  • Return on Average Asset of 3% (December 2018: 4%)
  • Earnings per Share of 22.87k (December 2018: 21.35k)

 

Financial summary

Statement of Financial Position Dec-19 Dec-18 Growth
   N’000   N’000  %
Total Assets  93,333,912 73,770,108 27%
Reinsurance Assets  8,623,172 12,549,017 -31%
Insurance Liabilities  24,900,916 22,538,993 10%
Investment Contracts  8,409,744 6,764,881 24%
Shareholders’ Funds  24,938,674 20,903,354 19%

 

Statement of Comprehensive Income  Dec-19 Dec-18 Growth
  N’000 N’000 %
 Gross Written Premium 43,620,300 33,923,949 29%
 Net Premium Income  26,343,329 19,700,281 34%
 Investment & Other Income  5,956,778 6,290,179 -5%
 Net Claims  17,884,330 12,130,577 47%
 Underwriting Expenses  4,632,920 3,413,304 36%
 Underwriting Profit  5,701,827 5,938,355 -4%
 Operating Expenses  7,926,886 8,404,604 -6%
 Profit Before Tax  3,571,137 3,380,073 6%
 Profit After Tax  2,674,172 2,482,282 8%

Commenting on the results, Mrs. Ngozi Ola-Israel, the Chief Financial Officer said “We achieved strong double-digit growth in GWP (29%)with growth experienced across key lines of business. In addition, our focus on cost optimisation and efficiency ensured a 6% dip in OPEX. Overall, Profit after tax grew 8% while net assets also grew by 17%. 

Commenting on AXA Mansard’s financials at the end of December 2019, Mr. Kunle Ahmed, the Chief Executive Officer, AXA Mansard Insurance, said “Our focus on identifying new growth areas in our markets, strengthening our partnerships and refining our distribution strategy continues to pay off as we grew revenues by 29% despite the challenging operating environment. The 47% growth in net claims is also a testament of our capability to pay all valid claims promptly even as we transit from just a payer to the partner of our numerous customers. 

He further added, “AXA Mansard Insurance remains an outstanding Insurer with strong financial strength and excellent underwriting capabilities. The organization has demonstrated this over the years through its superior financial and technical competencies.”

Contacts

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

PRESS RELEASE

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