AXA Mansard insurance profit dropped by 5% in Q2

AXA Mansard

AXA Mansard insurance plc, the local unit of AXA Global in Nigeria reported 5% fall in its profit to NGN2.1 billion in second quarter 2017 compared to NGN2.2 billion reported same period financial year 2016.

The insurance company said its gross income for the period was NGN12.5 billion compared to NGN9.6 billion in the previous year while reinsurance expenses was increased to NGN6.0 billion from NGN4.1 billion in 2016 leaving its net income at NGN6.4 billion against NGN5.4 billion in the year before.

AXA Mansard insurance plc said it acquired NGN65.8 billion assets in the period in review compared to NGN54.9 billion acquired in the year before while total liabilities was NGN43.9 billion against NGN34.7 billion in 2016.