AXA Mansard’s 2016 H1 Net Profit Rose To NGN2.2 Billion

Kunle Ahmed

AXA Mansard, a major insurance, investment, pensions and risk management provider released its half year unaudited result showing its net profit for the period rose by 120%

The group’s gross premium written for the first half year of 2016 rose to NGN13,2 billion compared to NGN10,5 billion recorded last year.

AXA Mansard’s re-insurance expenses rose to NGN4,1 versus NGN3,2 billion expended last year on the same item.

The company’s net premium income increased to NGN5,2 billion compared to NGN4,7 billion realised within the same period last year.

The AXA Mansard’s profit for the period rose to NGN2,2 billion compared to NGN1 billion recorded last year. This is an impressive result considering the economic challenges rubbing-off on the category.

As a measurement of its health, the company’s net asset for the period stood at NGN59,6 billion versus its total liabilities put at NGN38,5 billion.

AXA Mansard did not release details about its investments in Jumia (formerly AIG), Purple Capital (owners of Maryland Mall).

Jumia has already been restructured into one single operation. The company entered into a partnership with the eCommerce site to leverage the site in selling its services and also provide protection services for products on Jumia.

Details about these bets should be expected in its full year result.

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