AXA Mansard Insurance has recorded a 25 per cent increase in gross written premium for the financial year ended December 31, 2016.
It grew from N16.6 billion in 2015 to N20.7 billion in 2016 while net premium income as well rose from N9.9 billion in 2015 to N10.9 billion.
Profit before tax also grew by 50 per cent from N2.02 billion to N3.1 billion in 2016 Its profit after tax as well surged by 63 per cent to N2.7 billion from N1.7 billion in 2015. Total assets equally increased to N55billion from N51.21 billion recorded in comparable period of of 2015.
The board of firm, following the excellent performance declared a dividend of five kobo pay share and that was approved at annual general meeting (AGM) in Lagos
Insurance liabilities in 2016 rose to N14.4 billion from N12.9bn in the previous year, while Shareholders’ Funds remained well in excess of regulatory requirements at N17.51 billion,” he said.
Addressing shareholders at the meeting, the Chairman, AXA Mansard Insurance, Mr. Olusola Adeeyo said, “We commend the resilience of the board and management of AXA Mansard Insurance for recording growth in virtually all the performance indices but the level of patronage by Nigerians in the insurance industry is too low when compared to the advanced economy, hence the need to encourage the insurance companies through favourable policies and actions by the regulators. We equally appreciate the five kobo per share dividend given and want to encourage you to do more,” .