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| Mrs Yetunde Ilori, CEO Mansard Insurance Plc |
Chuks Udo Okonta
The 2013 financial account of Mansard Insurance Plc has
been approved by the National Insurance Commission (NAICOM), bringing the
number of firms that have scaled the approval hurdles to three, as those of Custodian
Life and General Insurance had earlier been endorsed.
The Commission in a publication on its website, said as at
yesterday, Tuesday, April 8, the accounts of Custodian Life Assurance Limited; Custodian
General Insurance Limited and Mansard Assurance Plc have been approved, while
those of Zenith Life Insurance Limited; NSIA Insurance Limited formerly (ADIC);
FBN Life Assurance Limited and Cornerstone Insurance Plc were being reviewed.
With the approval Mansard Insurance can now proceed with its
annual general meeting slated for April 24, at Federal Palace Hotel in Lagos.
The firm is making a final dividend payout of 8k to its shareholders.
The firm said diversified investment base, expansion in retail
business and aggressive market penetration helped spurt its 2013 financial
performance.
For
the year ended December 2013, the underwriting firm grew gross premium written
down by nine percent to N13.59 billion from N12.44 billion in 2012.
Net
premium income in the review period rose by six per cent to N7.50 billion from
N7.11 billion in 2012, while net profits surged by 31 per cent to N2.09 billion
in backs by tax write backs.
Its Chief Client Officer 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”.
The
firm has utilised the resources of the owners of the business efficiently as
return as Return on Average Equity (ROAE) moved to 15 percent in FY13 from
12 percent as at FY12,
In
addition, Return on Average Asset (ROAa) shrank to 8 percent in 12M13 as
against 16percent in 12M12.
Net
margin which measures the profitability and efficiency of a firm climbed to
15.37 per cent in 2013 from 12.05 per cent in 2012.
Earnings
per share EPS increased by 35.71 percent to 19k from 14k in 2012.
“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,” said Rashidat Adebisi, Chief Financial Officer of the
company.
“We
also find the 2013 financial year interesting as we saw retail business being a
major driver of both revenue and profit.”
Cash
and cash equivalents were up by 89 per cent y/y to N6.16 billion compared to
N3.25 billion in the corresponding of 2012.
Mansard’s
total assets in the review period increased by 13 percent y/y to N36.13 billion
from N32.11 billion as at 2013FY, while shareholders fund grew slightly to
N14.27 billion.
“To
this end, we successfully opened three more Mansard
Welcome Centres in Lagos and a branch in Port Harcourt. This brings
our distribution network to 14 Mansard Welcome Centres and 2 Branches
in Abuja and Port Harcourt,” said Adebisi.
Operating
expenses ratio in the review period jumped to 49 percent as against 41 percent
in 2012, while cost to sales ratio climbed to 64 per cent in 12M13 from 57 per cent
in 12M12.
The
insurance company’s share price closed at N2.21 on the floor of the
Nigeria Stock Exchange.
Market
capitalisation on the same day was N22.11 billion making it the largest Nigeria
insurance company by market value
“Overall,
we achieved 31 per cent increase in our net earnings as a result of significant
growth in the income from our increasingly diversified investment base,” said
Runsewe.
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