Insurance firm, AXA Mansard, recorded a 34 percent increase in its profit before tax (PAT) in the first quarter of 2021 to N2.63 billion, up from N1.96 billion.
This was shared in a statement from the firm, where it was noted that it also recorded a 19 percent growth year-on-year in its Gross Written Premium (GWP) to N25.08 billion.
The report stated that AXA Mansard’s operating costs rose by 23 percent to N2.52 billion, while its profit before tax stood at N2.92 billion, a 36 percent increase from N2.14 billion.
AXA Mansard’s Chief Financial Officer (CFO), Ngozi Ola-Israel, said, “Our start to the year demonstrates the continued drive to deliver strong and sustainable results. We delivered 34 percent growth in PAT despite the uncertainties in the current business environment.
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“We remain optimistic that the continued support from shareholders, customers, and the member of staff will continue to spur excellent underwriting, investment, and operating performance as we continue to give utmost priority to providing value to our esteemed customers.”
Adding to her statement, the Chief Executive Officer of the company, Kunle Ahmed, said that the company’s recorded positive growth “Despite the challenging economic terrain, we have been able to grow our premium incomes and recorded strong profitability growth in the first quarter of the year.”
Ahmed added, “This profitability cuts across life, and health portfolios. We remain committed to supporting our customers with the right risk management solutions to ensure that their businesses are well protected during and beyond this unstable period.”