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
