By Favour Nnabugwu
AXA Mansard, the Nigerian subsidiary of the French group AXA, has recorded a 14 percent increase in its turnover in Q1 2022.
Written premiums have gone from 25.08 billion NGN (65.96 million USD) as of 31 March 2021 to 28.64 billion NGN (68.74 million USD) one year later.
Life and health premiums increased by 58% and 24 percent respectively, while non-life premiums decreased by 5 percent
During the period under review, the net profit amounted to 390 million NGN (396 000 USD), falling by 85 percent compared to 2.63 billion NGN (6.92 million USD) posted during the first three months of 2021. This decrease is due to higher health claims and foreign exchange losses.
For the 2022 financial year, the Nigerian insurer expects to improve its operational performance, investments and underwriting.