AXA Mansard shareholders decry delay in approval of results by NAICOM

Shareholders of AXA Mansard Insurance Plc have condemned the continuous delay in the approval of financial results and other corporate actions of companies in the insurance industry by the apex insurance regulatory body, National Insurance Commission, NAICOM.

The shareholders at the 25th  Annual General Meeting, AGM of AXA Mansard Insurance Plc stated that these actions by NAICOM officials does not encourage insurance companies in meeting the aspirations of shareholders on good corporate governance, even as they approved the 5 kobo per share dividend declared by its Board of Directors, while commending the performance of AXA Mansard Insurance for the impressive results recorded in the financial year ended December 31, 2016.

The shareholders call on NAICOM to always respond as much quickly as possible to issues and   activities involving the insurance industry as this will go a long way to encourage investors to invest more in the industry.

According to the shareholders “The level of patronage by Nigerians in the insurance industry is too low when compared to the advanced economy, hence the need to encourage the insurance companies through favourable policies and actions by the regulators. We commend the resilience of the Board and Management of AXA Mansard Insurance for recording growth in virtually all the performance indices. We appreciate the 5 kobo per share dividend.”

Responding, the Chairman of AXA Mansard Insurance Plc, Mr. Olusola Adeeyo commended shareholders for their support and loyalty.

Speaking he said “In spite of the adverse economic situation experienced in 2016, we had a successful business year with growth in almost all measures of performance. We recorded 25 per cent growth in Gross Written Premium to N20.7 billion in 2016 from N16.6 billion in 2015; Net premium income also grew to N10.9 billion from N9.9 billion in 2015; profit before tax, up by 53 per cent to N3.1 billion from N2.02 billion in 2015; profit after tax up by 63 per cent to N2.7 billion from N1.7 billion in 2015. Our balance sheet remained robust in 2016, experiencing moderate growth of 7 per cent in total assets to N55 billion from N51.21 billion in 2015.”

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