AXA Mansard’s Y-on-Y Q1 profit up 34%

Zainab Iwayemi

AXA Mansard Insurance has recorded a 34 per cent uptick in its profit after tax (PAT), to N2.6 billion for the first quarter of 2021 compared to N1.96 billion it posted during the same period last year.

As contained in the financial report the company released recently, the growth in profit is in connection with improved gross premium written and gross premium income valued at N25 billion and N12.8 billion in contrast to the  N21 billion and N11.6 billion during the first quarter last year.

With reinsurance expenses valued at N4.47 billion in the first quarter this year, against the N3.4 billion during the same period last year, the net premium income reached a value of N8.3 billion while net underwriting income reached N8.9 billion. These amounts represent a slight increase when compared with the amount recorded during the same period last year.

In 2021, gross claims expenses amounted to N6.4 billion while in the previous year it stood at N5.9 billion, and the net underwriting expenses amounted to N5 billion compared to the previous year’s which was N6.7 billion.

Despite total underwriting profit climbing to a N3.9 billion high during the period under review, against the N2.1 billion for the same period last year, total investment income for the period under study saw a huge decline from the 2.4 billion recorded for the first quarter last year to N1.6 billion recorded this year.

Notwithstanding this, the profit after tax as a group company hit N2.6 billion in the first quarter. As a parent company however, the profit after tax at N2.5 billion rose more than thrice that which was recorded for the same period last year.

AXA Mansard has over time improved its product offering and process in line with current trends and digitization. Recently, the underwriter launched a malaria plan in commemoration of April 25th world malaria day.

Commenting on the launch of the programme, Chidi Onyedika, chief operating officer, AXA Mansard Health said, “One of the lessons 2020 left us with is that healthcare will always be the topmost priority to every individual, irrespective of the age, colour or gender. We must therefore constantly strive to create sustainable and innovative solutions to cater for people’s health care needs at every point in time. Therefore, we launched this plan as part of our contribution to controlling the effect of malaria in the country.”

He further disclosed that with AXA Mansard’s access to over 1,000 hospitals nationwide, the scheme would allow people conveniently enrol for affordable and robust health insurance plans using the USSD string *987#.