Axa Mansard FY’20 gross written premium up 9%

Axa Mansard, a leading insurance company, has reported a remarkable 56% increase in its profit after tax for the year 2020. The company also announced an increase in its share capital to 18 billion Naira. Chief Financial Officer, Ngozi Ola-Isreal, attributes this success to the company's resilience and strategic focus amidst the challenges posed by the global pandemic and economic uncertainties. Despite facing headwinds such as COVID-19 impacts, inflation, and interest rate fluctuations, Axa Mansard managed to achieve significant growth across key financial metrics. In an interview with CNBC Africa, Ola-Isreal highlighted the key drivers behind the company's stellar performance in 2020. She emphasized that Axa Mansard was able to grow its revenues by 9% by focusing on new customer acquisition and renewals. The company's profit after tax surged by 56%, largely due to prudent cost management and a focus on technical excellence. Additionally, Axa Mansard saw a 22% growth in underwriting profits and a 15% increase in investment income. A key factor in Axa Mansard's success was its collaborative approach and commitment to employee safety and customer support during the challenging year. The company launched initiatives such as a teleconsultation platform for customers and provided discounts and flexible payment options to those facing financial difficulties. This customer-centric approach helped Axa Mansard sustain its performance and standout in the competitive insurance market. While the life and non-life business segments faced some pressure, the health business emerged as a star performer with a remarkable 28% year-on-year growth. Axa Mansard maintained its market dominance in the health insurance space, showcasing its resilience and ability to adapt to changing market dynamics. Despite the low penetration rate of insurance in Nigeria, Axa Mansard remains optimistic about the industry's outlook. Ola-Isreal noted that increased awareness of the importance of insurance, especially in light of the COVID-19 pandemic and recent events in the country, is expected to drive growth in demand for insurance products. The company forecasts a 14% growth in gross written premiums for Q1 2021, driven by strong renewals from corporate customers and expansion into the retail and health partnership segments. Looking ahead to the rest of 2021, Axa Mansard anticipates continued growth and expects the industry to witness positive developments. Ola-Isreal emphasized the importance of the recapitalization exercise in the industry, which aims to strengthen companies' capital base and enhance stability. With a positive outlook for the sector, Axa Mansard is poised to capitalize on growth opportunities and further solidify its position as a leading insurance provider in Nigeria.