In a recent announcement, AXA Mansard Plc, a leading global insurance company revealed its impressive financial performance for the third quarter of 2023. The company’s pre-tax profits showed a remarkable growth of 14.40% year on year, reaching N334.727 million. This surge in profits contributed to a nine-month pre-tax profit of N15.098 billion, compared to N2.645 billion in the same period last year.
The Q3 2023 results also highlighted several key figures showcasing the company’s growth in various areas. Insurance revenue saw an impressive increase of 25.54% year on year, amounting to N22.293 billion. However, the growth in revenue was offset by a significant rise in insurance service expenses, which increased by 64.63% year on year, reaching N15.350 billion. Despite this, net expenses from reinsurance contracts held decreased by 37.85% year on year, amounting to N4.109 billion.
The company also experienced a significant growth in insurance service results, which amounted to N2.835 billion, reflecting a 55.53% increase compared to the same quarter last year. On the other hand, net investment income decreased by 19.48% year on year, reaching N914.029 million. Results from operating activities showed a positive trend with a growth of 28.29% year on year, amounting to N436.857 million.
Notably, there was a substantial increase in finance costs, which rose by 113.13% year on year, reaching N102.03 million. This, coupled with a loss after tax for the period amounting to N568.992 million, reflected a 33.82% year on year increase. However, the company managed to mitigate this loss with a foreign exchange gain of N11.186 billion recorded in Q2, resulting in a nine-month profit after tax of N12.555 billion.
In light of these results, AXA Mansard Plc declared an interim dividend of 6 kobo per N2 ordinary share, which will be paid on December 15, 2023.
The company’s solid financial performance reflects its commitment to delivering value to its shareholders and maintaining a strong position in the insurance industry. With a 26.91% increase in total assets, amounting to N133.450 billion, and a 35.42% growth in cash and cash equivalent, reaching N18.241 billion, AXA Mansard Plc continues to demonstrate its sound financial standing and potential for future growth.