AXA Mansard Reports Revenues of N82.35 billion as its Key Business Segments Improve

AXA Mansard Insurance Plc had a strong fourth quarter to wrap up another fantastic year as the insurer reported full year 2023 total revenue of N82.35 billion, up substantially from the N69.44 billion recorded in 2022.

All the core businesses or segments contributed to Group earnings, as the insurer maintains an excellent risk management strategy.

Revenue from non-life segment was up 27.13 percent to N34.86 billion as at December from N27.42 billion the previous year. Revenue from Life business was up 25.36 percent to N17.30 billion as at December 2023 from N13.80 billion the previous year.

AXA Mansard disclosed that it realised N34.67 billion from its HMO business, which is 29.43 percent higher than 2022’s N27.74 billion.

This performance further reinforces the company’s resilience and capacity to produce sustainable results even in a challenging business environment.

The company’s profit grew by 437.78 percent to N14.09 billion as at the period under review from N2.62 billion the previous year.

The growth in profit was propelled by a N16.26 billion foreign exchange gains as insurers joined banks in benefitting from the devaluation of the currency.

AXA Mansard paid out N39.69 billion claims to policyholders, 26.36 percent to N31.41 billion as at December 2022.

About AXA Mansard

AXA Mansard Insurance Plc is an insurance and asset management company.

The Company is engaged in provision of life and general business risk management solutions and financial services to corporate and retail customers in Nigeria.

Its segments include Non life Business, Life business, Insurance, Investment management, Property development and Health Maintenance. Its property casualty business includes the insurance of personal property and liability.

It also covers a range of products and services designed for its individual and business clients. Its health insurance provides individual and group life insurance policies that encompass both savings and retirement products.

Its life business covers a range of life insurance products, such as term life, whole life and investment linked life products for individuals and groups.

Its insurance business provides insurance cover across life to property and casualty for individuals, commercial solutions for SMEs and corporate organizations.