Mansard Insurance plc has announced its unaudited financial results for the period ended March 31, 2015, showing a 12 percent growth in turnover.
The financial highlights and ratios from the report revealed that gross premium written was N7.02 billion (March 2014: N6.27bn), a 12 percent increase.
The net premium income was equivalent to N2.39 billion (March 2014: N2.25bn), a 6 percent growth, while investment and other income of N909 million (March 2014: N422m), was up 115 percent driven by higher rental income and higher yield on investment securities.
Operating expenses were N1.15 billion (March 2014: N905m), a 27 percent increase, primarily due to retail expansion costs, while profit before tax was relatively flat at N512 million (March 2014: N507m).
Total assets of N48.73 billion (December 2014: N44.89b) was equivalent to a 9 percent increase and insurance liabilities of N14.89 billion (December 2014: N11.29bn) was up 32 percent driven by premium income.
Rashidat Adebisi, the chief financial officer, said: “The growth in investment and other income was exceptional as it outweighed our performance in Q1 2014. This was driven by growth in rental income and interest income on investment securities.”
Commenting further, she said “growth on the PBT line slowed largely due to growth in net claims and operating expenses. Net claims were driven by growth in motor claims while operating expense growth was driven mostly by retail expansion costs. We are very optimistic of better result going into the year.”
Commenting on the recent acquisition of Penman Pensions Limited, Tosin Runsewe, the chief client officer, said: “We continued to focus on areas of growth which informed our investing in the Pension business through our acquisition of a 60 percent stake in Penman Pensions Limited. We are very optimistic of the potentials in the Pensions sector and believe we can replicate our growth experience in insurance in the pensions industry. This will definitely translate into very decent returns to our shareholders.”
Mansard Insurance was incorporated in 1989 as a private limited liability company and is registered as a composite company with the National Insurance Commission of Nigeria (NAICOM).
The company offers life and non-life insurance products and services to individuals and institutions across Nigeria, while also offering health maintenance services and investment management services through its wholly-owned subsidiaries, Mansard Health Limited and Mansard Investments Limited, respectively.
The company was listed on the Nigerian Stock Exchange in November 2009, and has the highest market capitalisation in the insurance sector of the NSE.
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