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Mansard records N13.6bn premium

By on April 15, 2014

Mansard Insurance Plc said that its gross written premium rose by nine per cent from N12.44bn in 2012 to N13.59bn in 2013.

A statement from the firm on Sunday said its net premium income rose by six per cent from N7.1bn in 2012 to N7.53bn in 2013.

The firm also said that investment income and other operating expenses rose by 58 per cent from N2.36 per cent in 2012 to N3.7bn in 2013.

According to the statement, the firm’s profit before tax, however,  declined by nine per cent from N2.17bn in 2012 to N1.99bn, while profit after tax increased by 31 per cent from N1.6bn to N2.09bn.

The firm disclosed that its total assets rose by 13 per cent from N32.1bn in 2012 to N36.1bn in 2013, just as reinsurance and co-reinsurance receivables increased by 59 per cent to N2.85bn from N1.79bn in the period under review.

Insurance liabilities, it added, rose by 31 per cent from N5.87bn in 2012 to N7.69bn in 2013.

According to the firm, its shareholders funds only rose by  one per cent from N14.1bn to N14.27bn.

The company’s Chief Client Officer, Mr. Tosin Runsewe, said “We achieved growth in a rather difficult year where the industry experienced a decline in growth rate. Growth was stifled by the ‘No premium, no cover’ regulation. The institutional end of the market was most affected. On the other hand, we had a much better cash flow into the business, reflecting our compliance with the regulation.”

He stated that it achieved 31 per cent increase in its net earnings as a result of the significant growth in the income from its increasingly diversified investment base.

The Chief Financial Officer, Mrs. Rashidat Adebisi, said, “This is the first time, since our renaissance, that we would record a single digit growth, but we understand the peculiarities of 2013. We are unwearied because we are seeing growing numbers in Mansard’s penetration of a resilient market.”

She said the firm would continue to work enthusiastically to deliver on its assurance of financial security to its customers.

 

 

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