AXA Mansard Insurance Plc has announced the appointment of Ngozi Ola-Israel as the company’s chief financial officer.
The elevation of Rashidat Adebisi, erstwhile chief financial officer to the position of divisional head, retail business, informed the new appointment.
AXA Mansard, in 2017 third quarter, maintained an efficient underwriting capacity as the Nigerian insurer’s claims expenses continued to mount.
The Nigerian insurer had remained profitable even at the zenith of the 2016 economic recession. For the first nine month through September 2017, AXA Mansard recorded underwriting profit of N2.14bn.
The insurance company made N22.5bn as gross premium written which was 33 per cent higher than N16.9bn recorded in the previous year while gross premium income was 29 per cent higher at N19.6bn against N15.2bn in the year before.
The company’s reinsurance expenses for the period grew by 38 per cent to N9.3bn from N6.7bn recorded in the year 2016 while net premium income was N10.2bn against N8.4bn last year, which represented 22 per cent increase year-on-year comparison.
Investment income for the period grew by 41 per cent to N3.7bn against N2.6bn in the fiscal year 2016.
AXA Mansard Insurance had said its total assets for the period was N61.4bn compared to N54.9bn posted in 2016 while total liabilities was N38.8bn versus N34.7bn in the year before.