AXA Mansard Records 15 Per Cent Increase In Gross Earnings

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For the year ended December 31, 2022, AXA Mansard Insurance Plc, a member of the AXA Group and a global insurance and asset management firm has said its gross revenue rose by 15 per cent to N69 billion.

According to a statement, the firm stated that property and casualty were down three per cent to N27 billion, life and savings rose by 49 per cent to N13.8 billion, while health rose by 22 per cent to N27.7 billllion during the period under review.

Speaking on the results, Ngozi Ola-Israel, the Chief Financial Officer, AXA Mansard Insurance Plc, said, “Despite the macroeconomic challenges the business faced in the 2022 financial year, the insurer was able to deliver strong double-digit revenue growth of 15 per cent YoY from N60.2 billion to N69.0 billion and net premium income growth of 24 per cent YoY from N37.1 billion to N46.1 billion.

According to her, the firm had remained focused on its growth plan across business lines by delivering 49 per cent and 22 per cent growth on its life and health businesses respectively, while the P&C three per cent decline was driven by a deliberate selection of risks to drive profitability.

She said, “We made significant recoveries in the second quarter of 2022 with the health business moving from break-even to closing with profits of 0.3 billion at the end of the year.

“We have taken all necessary steps to strengthen our balance sheet and have set the right platform for continued profitability in 2023.”

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