AXA Mansard Releases Earnings Forecast for Q1-2024
AXA Mansard has released its 2024 first quarter earnings forecast with the insurance company hoping to see after tax profit at about N1.67 billion.
The insurance company estimated that its revenue for the period would hit N24.87 billion amidst an expectation that cash flow from operating activities would be negative.
However, details from the company earnings forecasted showed that the cash balance at the end of Q1 would be more than N9.89 billion as a higher opening balance downplayed negative cash flow in the same period.
The company forecast that insurance expenses will settle at N13.073 billion, accounting for about 53% of the top line.
The company expects net expenses from re-insurance contract held to print at N6.6 billion in Q1. Operating expenses in Q1 is estimated to settle at N4.441 billion amidst surging inflation condition in Nigeria.
This left the insurance operator with a pre-tax profit of N2.19 billion in the period, balanced against N525.825 million tax payment estimate leaving the company with N1.665 billion net profit. Nigeria Eurobond Slumps after CBN Resumes OMO Auction