AXA Mansard Insurance Plc has recorded N25.08 billion Gross Written Premiums, in the first quarter ended March 31, 2021, up 19 percent from N21.09 billion in March 2020.

According to the company, Net Premium Income of N8.34bn, up 2 per cent from N8.21billion in the same year. Investment and Other Income of N1.64 billion, down 32 per cent from2.39 billion; Operating Expenses of N2.52bn, up 23% N2.05bn in March 2020, while profit before Tax of N2.92bn, up36% from N2.14bn recorded in March 2020 and profit after tax of N2.63 billion, up 34 percent from N1.96bn in March 2020.

Commenting on the results, the Chief Financial Officer, Mrs. Ngozi Ola-Israel, said. "Our start to the year demonstrates the continued drive to deliver strong and sustainable results. We delivered 34 per cent growth in PAT and 90 per cent improvement in underwriting performance despite the uncertainties in the current business environment. We remain optimistic that the continued support from shareholders, customers, and the member of staff will continue to spur excellent underwriting, investment, and operating performance as we continue to give utmost priority to providing value to our esteemed customers.

Speaking also on the financials at the end of the first quarter of 2021, the Chief Executive Officer, AXA Mansard Insurance, Kunle Ahmed, said“Although the world is still battling with the pandemic and its effects on various economies, many businesses are cautiously optimistic for a more stable environment.

Thankfully, at AXA Mansard, despite the challenging economic terrain, we were able to grow our premium incomes and recorded strong profitability growth in the first quarter of the year. This profitability cuts across P & C, Life, and Health portfolios. We remain committed to supporting our customers with the right risk management solutions to ensure that their businesses are well protected during and beyond this unstable period."