AXA Mansard Insurance plc has witnessed tremendous growth since its recapitalization in 2002. At AXA Mansard Insurance plc, we have been in the forefront of the changing times by retooling and reinventing ourselves to align more with our customers and to better meet their goals and aspirations. This has reflected greatly in our financial performance in the last ten years both on our income lines and our balance sheet size.
From 2004, AXA Mansard Insurance plc’s Gross Premium Written (GPW) grew from N136 million to N17.4billion, a Compounded Annual Growth Rate (CAGR) of 62%, whilst claims payment increased from N16.4million to over N4.7billion in 2014 (76% CAGR).
The Group grew the insurance liabilities from N17.4million in 2004 to N11.3billion in 2014 (91% CAGR). These liabilities drove the growth of the Group’s assets from N612million in 2004 to N44.8billion (54% CAGR) and Shareholders’ funds of N15.2 billion in 2014 from N451million in 2004 (42% CAGR)