AXA Mansard Insurance Plc, a member of AXA Group, has recorded 36 per cent increase in gross premium written during the half year of 2017.
According to the financial highlights made available to New Telegraph, the gross premium for the period grew to N17.95 billion from N13.22 billion recorded within the same period in 2016.
In the same vein, the net premium income also increased by 18 per cent from N5.48 billion in 2016 to N6.46 billion in 2017.
While the investment and other income went from N4.125 billion in 2016 to N4.134 billion, the operating expenses also grew by five per cent to N2.96 billion from N2.82 billion.
The underwriting firm, however, recorded a five per cent drop in its profit before tax from N2.44 billion posted in 2016 to N2.32 billion during the period under review.
Following in the same trend, the profit after tax also went down by six per cent from N2.26 billion in 2016 to N2.12 billion during the half year of 2017.
As at December 2016, the firms total assets grew by 20 per cent from N54.96 billion to n65.81 billion while the insurance liabilities went up by 78 per cent to N25.71 billion from N14.43 billion.
The highlights also revealed that the firm’s shareholders’ funds grew by six per cent to N18.38 billion from N17.41 billion.
Commenting on the result, the Chief Financial Officer, Mrs.Rashidat Adebisi, said: “One of our key goals going into this year was to improve the efficiency of our reinsurance strategy as a way of managing the anticipated growth in our portfolios.
“The improvement in our accounting loss ratio from 80 per cent to 78 per cent in 2017 validates our efforts in this regard.”
Also commenting, the Chief Executive Officer, Mr.Kunle Ahmed, said: “Our focus on identifying new growth areas in our markets continue to pay off as we grew revenues by 36 per cent despite the challenging operating environment.
“We also strengthened the bottom-line through cost optimisation and efficient resource utilisation as demonstrated by the four per cent improvement in our Opex ratio.”