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AXA Mansard reports N3.63 billion pre-tax profit for FY 2022

AXA Mansard Insurance Plc has released its unaudited financial statement for the full-year 2022.

The company reported N3.629 billion as profit before tax for the year, representing a 37.3% decline from the N5.784 billion pre-tax profit reported in 2021.

See the key details of the financial report below.

Gross Written Premium 

2022 FY: N68.980 billion

2021 FY: N60.197 billion

Change: +14.6%

Gross Premium income

2022 FY: N69.445 billion

2021 FY: N55.722 billion

Change: +24.628%

Net premium income

2022 FY: N46.207 billion

2021 FY: N37.142 billion

Change: +24.4%

Net underwriting income

2022 FY: N48.604 billion

2021 FY: N39.002 billion

Change: +24.6%

Net underwriting expenses

2022 FY: N40.231 billion

2021 FY: N29.773 billion

Change: +35.1%

Pre-tax profit 

2022 FY: N3.629 billion

2021 FY: N5.784 billion

Change: -37.3%

Net Profit after tax 

2022 FY: N2.234 billion

2021 FY: N3.735 billion

Change: -40.2%

Basic Earnings Per Share 

2022 FY: N5.02

2021 FY: N3.88

Change: +29.4%

Bottom line: The company saw a decline in profit for the period despite the increase in gross premium income amid an inflationary year.

Axa Mansard increased income across its life (Group life and individual life) and HMO to N13.803 billion and N27.747 billion from N9.237 billion and N22.651 billion while its non-life business declined slightly to N27.429 billion from N28.309 billion.

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