AXA Mansard Insurance Plc, a member of the AXA Group and a global insurance and asset management organization, reported a 13% increase in insurance revenues to N19.4 billion in the first quarter ended March 31, 2023.
Following the implementation of the IFRS17 and IFRS9 accounting rules, which became effective on January 1, 2023, the company stated that gross earned premiums (Insurance revenues) have now become the primary revenue indication.
In its unaudited financial report for the period, the company’s Chief Financial Officer, Mrs. Ngozi Ola-Israel, stated that the company’s own Life & Savings increased by 23 percent to N4.7 billion, while Health increased by 23 percent to N7.5 billion.
Property and casualty insurance, according to her, have decreased. Also Life and Savings grew by 20 percent to N6.88 billion with Health up by 22 percent to N12.9 billion and Property & Casualty up by 19 percent to N14.9 billion.