Frontline underwriting firm, AXA Mansard Insurance Plc, has posted a 21 per cent drop in its profits before and after tax.
According to the breakdown, the insurer recorded a four percent drop in profit before tax as well as 17 per cent drop in profit after tax, according to details from its 2021 financial report.
Further details revealed that the company’s PBT went down from N6.04 billion recorded in 2020 to N5.78 billion posted in 2021, representing a four per cent drop.
In the same vein, the profit after tax was down from N4.50 billion posted in 2020 to N3.74 billion recorded in 2021.
However, other performance indices showed that firm recorded a gross written premium of N60.20 billion during the year under review. This represents 27 per cent increase from N47.58 billion posted in December 2020.
The company also posted a Net Premium Income of N37.14 billion, up 17 per cent from N31.72 billion in December 2020.
The operating expenses of N9.41 billion also increased by 22 per cent from N7.71 billion in December 2020.
Commenting on the financials, the Chief Executive Officer, AXA Mansard Insurance, Kunle Ahmed, said: “AXA Mansard Insurance continues to be an exceptional insurer with great financial strength and excellent underwriting capabilities.
“This has been shown over the years by the organisation’s exceptional financial and technical capabilities.”