AXA Mansard Insurance PLC Reports Robust Performance in Life Business with 36% Revenue Growth in H1 2023

Kindly Share This Story:

AXA Mansard Insurance PLC, a leading insurance provider in Nigeria, has released its summarised revenue accounts for the life business for the period ended June 30, 2023. The financial report reveals a robust performance with a significant 36% growth in revenue compared to the same period last year.

The company’s gross written premium in the life business showcased remarkable growth, reaching ₦10,697,466,000, a substantial increase of 20% from ₦8,913,716,000 reported in June 2022. After accounting for the Unexpired Risks Provision, the net written premium for the life business stood at ₦8,288,771,000, marking an impressive 27% growth from ₦6,540,814,000 in the previous year.

 

Revenue from investment income also contributed significantly to the company’s robust financial performance, amounting to ₦817,326,000, representing a remarkable 75% growth from ₦466,270,000 in H1 2022. This growth reflects AXA Mansard Insurance’s prudent investment strategies and efficient management of its life business portfolio.

Despite increased claims paid during the period, the company demonstrated strong underwriting discipline and prudent risk management. Claims paid in the life business amounted to ₦5,869,645,000, a considerable rise of 172% compared to ₦2,161,477,000 in H1 2022. However, AXA Mansard Insurance effectively recovered claims through reinsurance and co-insurance arrangements, maintaining a healthy net claims incurred at ₦4,602,857,000, showing a 69% increase from ₦2,718,524,000 in the previous year.

 

The company’s underwriting profit for the life business stood at an impressive ₦2,901,604,000, demonstrating a remarkable 36% growth from ₦2,128,644,000 in H1 2022. This solid performance is a testament to AXA Mansard Insurance’s commitment to effective risk management, efficient operations, and delivering value to its customers.

 

Overall, AXA Mansard Insurance PLC’s financial highlights for the life business indicate a robust performance in H1 2023, with significant revenue growth and strong underwriting profitability. The company’s prudent investment decisions and effective risk management strategies position it for continued growth and success in the competitive insurance market in Nigeria.


Kindly Share This Story:

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *

amehnews greetings

x
%d bloggers like this: