Mansard Insurance posts marginal profit growth despite 29% rise in turnover
Axa Mansard Insurance Plc has recorded a 28.6% growth in its gross premium written for the Full Year ended 2019, compared to the figure posted in the corresponding period of 2018.
This and other details of the underwriter’s financial performance in the review period are published in its Unaudited Finanial Statements 31 December 2019, published on the website of the Nigerian Stock Exchange (NSE).
Gross Premium Written climbed to N43.620 billion as of 31st December 2019, up from the N33.924 billion posted in the same period of 2018.
Gross Premium Income advanced from N32.702 billion at FY2018 to N41.480 billion at FY2019, signalling a 27.1% growth.
Profit Before Tax (PBT) recorded a negligible growth of 5.7%, inching up from N3.380 billion at FY2018 to N3.571 billion at FY2019.
Profit for the Year grew marginally from N2.482 billion at FY2018 to N2.674 billion in the period under review, translating to 7.7% rise.
Read also: AIICO Insurance’s profit rises by N2.718bn on growth in gross premium
Because Net Underwriting Expenses escalated considerably by 44.9% from N15.544 billion at FY2018 to N22.517 bilion at FY2019, the growth in Gross Premium Written could not impact after-tax profit significantly.
Basic Earnings Per Share (EPS) moved from 21.35 at FY2018 to 22.87 at FY2019, signalling a 7.1% increase.
A member of the AXA Group, a global leading underwriter and asset management firm with presence in 64 countries, AXA Mansard’s offerings include life, motor, home , travel, education and commercial insurance services.
The firm last month announced the planned divestment of from existing investment assets in furtherance of the objectives of the company. The announcement came in the aftermath of the resignation of its Executive Director, Tosin Runsewe.
AXA Mansard outstanding shares currently stand at 10.5 billion with a market capitalisation of N21 billion.
AXA Mansard trades on the floor of the NSE at N2 per share.
Earnings Per Share is the profit that each unit of a company’s ordinary shares yields during a particular period. It is simply calculated by dividing the Profit After-Tax by the company’s total outstanding shares. Increase in a company’s EPS often reflects an improvement in its bottom-line while a fall, on the other hand, indicates a declining profit.
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