Nigeria: 56% increase in AXA Mansard profit in 2020

AXA Mansard Insurance Plc, the Nigerian subsidiary of the AXA group, announced this week that it achieved audited after-tax profit of 4.54 billion naira (around 12 million USD) at the end of December 2020, up 56% from the 2 , 91 billion naira (about 7.6 million USD) recorded a year earlier.

“It was a difficult year, but we achieved strong growth in profit after tax (56%) and underwriting profit (22%). We have managed operating costs at a low growth rate of 3% despite Covid-19 and inflation, ”said Ngozi Ola-Israel, the company’s chief financial officer.

In its press release, AXA Mansard announces a gross written premium of 47.58 billion naira (approximately 125 million USD), up 9% year-on-year, and a 21% increase in net premium income to 31.72 billion naira (approximately 83.5 million USD) as of December 31, 2020. Investments and other income follow the same upward trend (7.09 billion naira, up 25%), and profit before tax was stands at 6.04 billion naira (nearly 16 million USD), up 58% from the 3.83 billion naira recorded in December 2019.

As a reminder, the company had announced a turnover up 5.4% in the first nine months of 2020, from 37.434 billion naira (102.72 million USD) as of September 30, 2019 to 39 , 46 billion naira (102.44 billion USD). This, with a net profit of 5.671 billion naira (14.72 million USD), up 168.7% year on year.

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