More Nigerians seeking cover over covid-19 grows Axa Mansard Insurance income by 9.38%

Axa Mansard Insurance Plc, a Lagos-based composite insurance has revealed it grew its assets by 7.5 percent to N99.22 billion for 2020 from N92.28 billion in 2019.

Analysis of its 2020 financial statements submitted to the Nigerian Stock Exchange (NSE) showed that the insurer’s gross premium income for the period also surged by 9.38 percent to N45.5 billion from N41.6 billion recorded in the corresponding period in 2019.

Profit for the year reached N4.29 billion compared to N2.90 billion made in 2019 as more Nigerians sought cover due to the Covid-19 pandemic.

Non-life business package had a gross premium income of 20 billion, 4.64 percent higher compared to 19 million from 2019, while life business earnings dropped by 3.31 percent to N7.46 billion.

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Net premium income for the period rose to N31.6 billion from N26.2 billion as total investment income also increased to N7.06 billion compared to N6.3 billion in 2019.

Axa Mansard operating expenses on employee benefit, marketing and administration for the year also rose 6.1 percent to N3.57 billion from N3.36 billion in 2019.

Profit before tax climbed by 49.4 percent to N5.87 billion versus the corresponding period of N3.9 billion in 2019.

In 2020 the company also said the total claim paid to contract holders rose to N20.68 billion from N19.06 billion paid in 2019.

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