The shareholders of AXA Mansard Insurance Plc have approved a total dividend of N630m for the year ended December 31, 2017.
The shareholders, according to a statement by the company, gave their approval at the company’s 26th Annual General Meeting held in Lagos.
The approved dividend of N630m represents six kobo per share.
The shareholders applauded the company for not incurring any penalty or fine during the year and for prompt settlement of claims, urging the company to embark on expansion and roll out new products that would boost its revenue and profitability.
The Chairman of the company, Mr. Olusola Adeeyo, stated that the company closed the year with positive results despite the slow recovery of the economy.
He said, “We grew gross premium by 30 per cent to N26.8bn, from N20.7bn in 2016, driven by the sustained growth of our health business as well as large ticket property and causality transactions.
“Net premium income also grew by 26 per cent to N13.8bn from N10.9bn in 2016. While we experienced some large claims on our portfolios during the year, we were able to make significant recoveries aided by our strong risk focused reinsurance strategy.”
He said although profitability was affected by claims and interest rate impacts on the company’s life reserves, it still was able to grow profit before tax to N3.2bn in 2017 from N3.1bn in 2016 and profit after tax to N2.7bn from N2.6bn.
Adeeyo said the company’s balance sheet remained strong in 2017, with total assets amounting to N66.5bn by year-end, adding that the shareholders’ funds grew by 17 per cent year-on-year to N20.3bn, remaining well in excess of regulatory requirements.
The Chief Executive Officer, AXA Mansard Insurance, Mr. Kunle Ahmed, said the company took decisive steps in 2017 towards improving its business effectiveness and ability to serve customers better.
Ahmed said, “We will continue to learn and improve our understanding of our customers’ evolving needs, and how they wish to be served, in order to continually add value to their lives and businesses.”
“As we move forward in 2018, we will continue to drive improvements in our business and in our operations. With the support of our various partners, including brokers and agents, we will serve our clients across our various businesses in a bespoke manner, as a one-stop, non-bank, financial services company.”
Ahmed added that the company trusted in the dedication of its staff and its ability to break new grounds in response to changes in its business environment.