AXA Mansard Projects N2.7 Billion Profit for Q1
Insurance operator, AXA Mansard Insurance Plc has projected about N2.7 billion profit after tax for the first quarter of 2022, according to detail submitted to the Nigerian Exchange.
Traded at N2.29 per share on Friday, the multi-line insurance company is valued at N20.60 billion on 9 billion shares outstanding.
In the regulatory filing signed by the company secretary Omowunmi Mabel Adewusi, the insurance operator is expecting cash flow from its operating activities in the period to be negative N3.922 billion.
Though, AXA Mansard is expecting profit for the period to settle nears N3 billion. In the stock market, the company has lost more than 45% of its opening value, according to market data.
Based on the size of its market share in the insurers market, the company is expecting a gross written premium of N28.583 billion next three months.
It hinted about an expectation that its net premium income will, however, settle at N14.094 billion following undisclosed reinsurance costs and risk premium outflows.
However, its net claim expense is projected to settle at N6.106 billion while underwriting profit for the next three months of operation is expected to close at N4.164 billion.
In addition, the Insurance company expects to earn N1.826 billion from investment and other related income in the period.
AXA Mansard reveals in the document its plans to spend N2.821 billion as operating expenses and established a tax provision of about N400 million for the period.
Pre-tax profit for the Insurer is expected to hit N3.059 billion while netting off the tax provision would keep the profit for the period at N2.659 billion in the next three months of operation into 2022.
Profile:
AXA Mansard Insurance Plc engages in the provision of risk underwriting and related financial services. It provides life and non-life insurance services for both corporate and individual customers, risk management, investment management, and financial advisory services.
It operates Non-Life Business and Life businesses. The Non-Life Business segment covers the protection of customers’ assets and indemnification of other parties that have suffered damage as a result of customers’ accidents.
The Life Business segment involves the protection of the Group’s customers against the risk of premature death, disability, critical illness and other accidents. The company was founded on June 23, 1989, and is headquartered in Lagos, Nigeria.
#AXA Mansard Projects N2.7 Billion Profit for Q1
