Core businesses push AXA Mansard revenues to N82bn 

Business a.m

AXA Mansard Insurance Plc solid performance in the fourth quarter of 2023 has helped to cap off a very successful year for the insurer. The company reported a total revenue of N82.35 billion in 2023, which is a significant increase over the N69.44 billion recorded in 2022.

AXA Mansard’s success in 2023 was not limited to any one area of the business, but was the result of strong performance across all of its core segments.

The company’s net profit for the period increased by 437.78 percent to N14.09 billion, compared to N2.62 billion in the previous year. The significant increase was primarily driven by a N16.26 billion foreign exchange gain, which was a result of the devaluation of the naira against the US dollar.

Concerning specific business segments, AXA Mansard’s non-life revenue increased by 27.13 percent to N34.86 billion at the end of 2023, compared to N27.42 billion in 2022. The life segment also performed well, with revenue increasing by 25.36 percent to N17.30 billion from N13.80 billion in the previous year.

AXA Mansard’s health maintenance organisation (HMO) business achieved a strong performance in 2023, with revenue increasing by 29.43 percent to N34.67 billion. This was driven by strong growth in the company’s corporate health business and the expansion of its retail health business. Despite the challenging operating environment, the company’s commitment to innovation and efficiency helped to drive sustained growth in the HMO segment.

In terms of claims paid to policyholders, AXA Mansard reported a 26.36 per cent increase to N39.69 billion as at December 2022, compared to N31.41 billion in the previous year.