While its parent company, AXA suffered the negative effects of the coronavirus with an 8% decline in its turnover in the third quarter of 2020, the Nigerian subsidiary, AXA Mansard, is resisting. At the end of the third quarter of this year, two key indicators turned green.
Thus, the turnover increased by 5.4% in the first nine months of 2020, from 37.434 billion NGN (102.72 million USD) at September 30, 2019 to 39.462 billion NGN (102.44 billion USD) twelve months later. As for the net profit, it stood at 5.671 billion NGN (14.72 million USD) as of September 30, 2020 against 2.11 billion NGN (5.79 million USD) a year earlier, an improvement of 168.7% over a year.
In addition, claims expense increased 22.9% as at September 30, 2020, or NGN 14.34 billion (USD 37.23 million) compared to NGN 11.665 billion (USD 32.01 million) in the previous third quarter. Note that the French group has argued that it will adopt an approach to growth in Africa.
The world number two in insurance will launch new business models to support its clients in its 8 African subsidiaries, including Morocco, Nigeria, Algeria and Gabon.