AXA Mansard Plc’s shareholders will get a total dividend of N3.6 billion, or 40 kobo per share, as announced by the group for the fiscal year that concluded in December 2023.
This was disclosed by AXA Mansard Plc in the updated corporate action notice to the Nigerian Exchange Limited.
A final dividend of N3,600,000,000 (three billion, six hundred million naira) has been declared by the board of directors to be given to shareholders.
This means that each N2 share will yield a dividend of 40 kobo.
An interim dividend of 6 kobo per N2 share was distributed in December 2023 out of this total. Subject to withholding tax and the permission of the relevant authorities, the final dividend of 34 kobo per N2 share will be paid out.
The reported dividends will be paid electronically on the 8th of August to shareholders whose names appear on the Register of Members as of July 15th, 2024, and who have completed the e-dividend registration.
It was previously reported that the company’s YoY rise in claims increased by 23%. This growth appears to be attributed to the 137% increase in non-life premium written, reaching N35.199 billion, or 54.5% of the gross premiums written, which totaled N64.640 billion.
This probably had a part in the insurance service results’ moderation to N4.703 billion in the first quarter of 2024. Still, the company’s financial performance was very strong.
The reported pre-tax profit increased to N15.320 billion in Q1 2024 due to an excellent FX gain of N12.805 billion. The pre-tax profit would have been N2.515 billion had there not been this windfall.
Similarly, a substantial foreign exchange gain saved Mansard’s earnings in the 2023 fiscal year, preventing a possible pre-tax loss of N207 million.
Although Mansard’s pre-tax profit increase is noteworthy, diversification and/or strategic improvements are required due to the underlying instability in non-life insurance claims.
