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AXA Mansard, the Nigerian subsidiary of the French group AXA, has recorded a 14% increase in its turnover in Q1 2022. Written premiums have gone from 25.08 billion NGN (65.96 million USD) as of 31 March 2021 to 28.64 billion NGN (68.74 million USD) one year later.
Life and health premiums increased by 58% and 24% respectively, while non-lifepremiums decreased by 5%.
During the period under review, the net profit amounted to 390 million NGN (396 000 USD), falling by 85% compared to 2.63 billion NGN (6.92 million USD) posted during the first three months of 2021. This decrease is due to higher health claims and foreign exchange losses.
For the 2022 financial year, the Nigerian insurer expects to improve its operational performance, investments and underwriting.
Read also | Insurance market in Nigeria
AXA Mansard, the Nigerian subsidiary of the French group AXA, has recorded a 14% increase in its turnover in Q1 2022. Written premiums have gone from 25.08 billion NGN (65.96 million USD) as of 31 March 2021 to 28.64 billion NGN (68.74 million USD) one year later.
Life and health premiums increased by 58% and 24% respectively, while non-lifepremiums decreased by 5%.
During the period under review, the net profit amounted to 390 million NGN (396 000 USD), falling by 85% compared to 2.63 billion NGN (6.92 million USD) posted during the first three months of 2021. This decrease is due to higher health claims and foreign exchange losses.
For the 2022 financial year, the Nigerian insurer expects to improve its operational performance, investments and underwriting.
Read also | Insurance market in Nigeria