Axa Mansard has reported second-quarter earnings that increased pre-tax profits by 597% to N12.8 billion.

The increase in profitability helped push half-year pre-tax earnings to N14.7 billion from just N1.3 billion during the same period last year.

The performance of Axa Mansard in the second quarter was boosted by a foreign currency gain of N11.1 billion that was connected to its forex holdings.

The corporation also made significant profits from its HMO division, which now accounts for a large portion of its revenue.

Key highlights:

Net premium income N19.5 billion +12.1% YoY 

Non-Life income N7.2 billion -7.7% 

Life and Individual Life income N4.17 billion +23%  

Axa Mansard Health (HMO) N8.19 billion +30.9% 

Claims N9.6 billion +23.7% 

Insurance service results N2.4 billion -2.4% 

Net investment income N13.4 billion 702% 

Pre-tax profits N12.5 billion +597% 

Insurance Contract Liabilities N74.1 billion vs N55.1 billion (December 31, 2022) 

Net Assets N41.4 billion vs N29.69 billion