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Monday, May 04, 2015
Mansard posts N17.4b gross premium
Mansard Insurance Group has recorded gross premium income of N17.4 billion in the financial year end December 31, 2014, from N13.59 billion recorded in 2013, indicating a 28 percent increase.
Its net premium also grew by 20 per cent to close at N9.05 billion as against N7.54 billion in the previous year.
Underwriting income appreciated 79 per cent from N1.89 billion in 2013 to N3.38 during the period under review, while investment income and other incomes slide marginally by three per cent to close at N3.60 billion.
Mansard however closed the year with a profit before tax of N2.02 billion from N1.98 billion in 2013, while the profit after tax stood at N1.53 billion from N2.09 billion the previous year.
The drop in profit the company explained was due to expenses resulting from acquisition as well as business expansion, which gave rise to more agency offices called Mansard welcome Centres.
However, the company’s shareholders who were excited at the coming into the company of AXA group, a global insurance giant with presence in 56 countries, 160 million employees and 102 million clients, believe that it places Mansard on global business map for competitive edge.
Some of the shareholders who spoke during the company’s 23 Annual General Meeting (AGM) in Lagos expressed satisfaction with the expansion project, which they stated positions the firm for more growth in the near future.
Chairman of the Company, Victor Osibodu said Mansard stands to benefit from limitless access to global resources, capacity development and stronger global recognition, most especially in the corporate space.
He said: “I am very confident that these factors will transcend into better service delivery and product innovation that will deliver unequaled solutions to our esteemed customers and translate into increased returns for all shareholders.”
Chief Client Officer, Tosin Runswe said the company has continued to restructure its strategic plan to align with its growth plans. According to him, the strategic objective of the company in the next five years would be to build structures to enhance retail distribution channels; create technology aided value-added services and solutions; build a corporate structure that will enhance the efficiency of the group’s multi-line businesses; play a leading role in implementing regulations and risk standards within the industry as well as explore investments into other emerging markets in Sub-Sahara Africa.
A shareholder, Peter Abiodun said he is happy that Mansard acquired 60 per cent equity stake in Penman Pensions Limited, a pension fund administrator, pointing that it would in no distant time impact the performance of the company and enhance shareholder value.
AXA Group in December 2014, in a bid to actualise its sub-Saharan Africa expansion ambition acquired 100 percent equity in Assur Africa Holding (AAH), which holds a 77 per cent stake in Mansard Insurance, thereby making AXA the majority owner of Mansard.
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