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Tag: AXA Mansard

  • Recap plan: AXA Mansard, Allianz, others beat deadline

    Many companies have met the August 20 deadline set by the National Insurance Commission (NAICOM) to submit their recapitalisation plans, The Nation has learnt.

    AXA Mansard Insurance Plc, Allianz Nigeria Insurance Plc, SUNU Assurances Plc, FBNInsurance, NEM Insurance Plc, Cornerstone Insurance Plc,  LASACO Assurance, AIICO Insurance Plc and Mutual Benefit Assurance Plc met the deadline.

    Leadway Assurance, on the other hand, already has more than the required capital and may not submit submit a new plan to the commission, it was gathered.

    Deputy Director and Head of Corporate Communication, NAICOM, Rasaaq Salami, in an interview, said majority of the firms had submitted their plan.

    He noted with satisfaction the rate of compliance, saying that it indicated that  the companies understood what the import of recapitalisation.

    ‘’There is compliance by the companies and the Commission knows their plans. The next step for us is to  review what they have submitted,’’  he added.

    NAICOM, on July 23, mandated insurance and reinsurance firms to submit their recapitalisation plans to the Commission on or before August 20, 2019.The companies are required to increase their share capital not later than June 30, 2020. Going by this, the minimum paid-up share capital of a Life, Non-Life and Composite insurance companies, including re-insurance companies will be N8 billion, N10 billion, N18 billion and N20 billion respectively, from N2 billion, N3 billion, N5 billion and N10 billion.

    The commission said: “Insurers and Reinsurers shall submit their recapitalisation plan to the Commission on or before 20th August, 2019. The plan should include among others a capital status of the Company based on the above referenced circular as at the last Audited Financial Statements; Board resolution on how to comply with the directives; and Detailed action plan on how the funds for the recapitalisation are to be sourced with timelines and deliverables.

    “Also, companies intending to seek funds from the capital markets are required to submit their plan of action on a file-and-use basis while companies that intend to merge or acquire another should submit their proposal after which they must comply with Sections 30 and 31 of the Insurance Act 2003.

    “The commission shall review and provide responses on the submitted recapitalisation plans on or before September 17, 2019. The review may require meeting with the Board and Management of each of the insurance company on its recapitalisation plan.

    Similarly, the Commission is engaging with other regulatory bodies for possible palliatives in addition to those being considered by the Commission,” the commission added.

  • AXA Mansard grows half-year funds to N22.5b

    AXA Mansard Insurance Plc has grown its shareholders’ funds in its unaudited financial results for the period ended June 30, 2019 to N18.2 billion up from N16.7 billion as at last December.

    The underwriting firm’s total assets also increased by 14 per cent to N81.24 billion in the half-year under review from N73.77 billion as at December 2018.

    The firm also posted a gross written premium of N29.36 billion up by 25 per cent from N23.54 billion in June 2018.

    The firm recorded net premium income of N12.08 billion, up 26 per cent from N9.56 billion in June 2018, investment and other income of N2.84 billion, down 13 per cent from N3.28 billion in June 2018 billion while operating expenses of N3.52 billion, remain flat from N3.52 billion in June 2018.

    Meanwhile, Profit before Tax of N1.57 billion, down 16 per cent from N1.87 billion recorded in June 2018.

    Commenting on the results in a statement, its Chief Financial Officer, Mrs. Ngozi Ola-Israel said during the period under review, top line grew (gross written premium) by 25 per cent and underwriting profits by nine per cent with no growth in operating expenses compared to last year.

    This positive performance according to her is an indication that managment’s efforts to continually grow the business profitably is on track. “However, our profit after tax dipped by eight per cent driven by one off loss on the sale of part of our investment property,” she said.

    Also commenting on the company’s financials, its Chief Executive Officer, Mr. Kunle Ahmed said: “Prompt claims payment remains critical to the actualisation of insurance companies’ promise to return clients to their pre-loss financial position. The group closed with gross claims payment of N6.8billion to various clients, attesting to our well tested commitment to meeting our obligations to our customers.

    “The group closed with shareholders’ fund of N22.5 billion, representing a growth of eight per cent from our position as at the end of 2018.”

    continue to operate as a composite insurance company, delivering service to our teeming customers across both general and life businesses”, he added.

     

  • AXA Mansard, LASPARK partner on green Lagos

    Insurance giant AXA Mansard  has announced its partnership with the Lagos State Government as the state prepares to conduct the 2019 Tree Planting Exercise.

    A statement by the firm stated that the Lagos State Parks and Gardens Agency, LASPARK 2019 Tree Planting exercise will hold on  July 14, 2019 with the theme: “Clean and green is our perfect dream”.

    The event is billed to hold across all the 20 Local Government Areas (LGAs) and 37 Local Council Development Areas (LCDAs) in the state.

    AXA Mansard Chief Strategy and Marketing Officer, Mr Kola Oni said insurance companies are in a privileged position to enhance knowledge on climate risks in order to better understand and tackle climate change.

    The statement said: “AXA Mansard is also aware of the role it can play in promoting environmental protection awareness amongst its stakeholders, contributing to improving the understanding of global and local environmental risks, and committing to addressing climate change.

    “The Lagos State Government in 2012, committed to an internationally recognised tree planting programme to plant 10 million trees by 2020. This commitment is based on the fact that tree planting remains one of the most effective ways of absorbing greenhouse gases such as carbon dioxide and methane that are harmful to the environment from the atmosphere. The Initiative is therefore aimed at improving environmental sustainability in Nigeria.

    “As both a responsible insurer and an environmentally responsible corporation, AXA Mansard has a responsibility to leverage its expertise and take action to reduce climate risks; supporting this initiative will enable us perform this responsibility successfully.”

    LASPARK General Manager, Mrs Bilikiss Adebiyi-Abiola noted that the exercise is a universally progressive idea to integrate private bodies into government policies and programmes in order to achieve a broad and enduring legacy, adding that tree is a significant accessory to mental and physical comfort.

  • AXA Mansard sponsors brand masters class for entrepreneurs

    AXA Mansard Insurance, a member of the AXA Group has announced its sponsorship of the third edition of the Charles O’tudor’s Brand Master Class event aimed at empowering entrepreneurs with the right skills needed for business growth.

    The master class which took place in Lagos, themed “Spiritual Branding” had in attendance reputable personnel from different fields such as Timi Dakolo, Chioma Akpotha, JJ Omojuwa and a host of other distinguished guests. The class focused on equipping entrepreneurs with the skills required in creating a compelling brand based on the principles of true and honest practices.

    Read Also: MSMEs as alternate revenue source in CBN’s five-year plan

    Speaking about the event, the Chief Strategy and Marketing Officer, at AXA Mansard Insurance plc, Mr Kola Oni said entrepreneurs who are hungry for improvement and growth must be able to go beyond the status quo and implement plans on how to strategically reposition their brand in today’s competitive market.

    He noted that Charles O’tudor has over the years proved that he is committed to equipping entrepreneurs with necessary tools needed to drive their personal and public brands and we are most delighted to be partnering with him

    The event further emphasized the importance of planning, building and implementing a winning brand from brief to creation and implementation.

  • AXA Mansard posts 26% gross premium increase

    AXA Mansard Insurance Plc has achieved a gross written premium of N33.9 billion in its financial year end 2018, up by 26 per cent from the N26.8 billion in 2017.

    The company’s net premium income grew by 43 per cent to N19.7 billion from N13.8 billion in 2017, while profit before tax rose by five per cent to N3.4 billion in 2018, from N3.2 billion in 2017.

    However, profit after tax was impacted by significant one-off tax provisions during the year, resulting in a seven per cent dip to N2.5 billion from N2.7 billion in 2017.

    The company closed the year with total assets at N73.8 billion, representing 11 per cent growth from N66.5 billion recorded in 2017, while shareholders’ funds grew by three per cent to N20.9 billion from N20.3 billion in the same period, remaining well in excess of regulatory requirements.

    The Chairman, Olusola Adeeyo who made this known at the company’s 27th Annual General Meeting held at Oriental Hotel, Lekki, Lagos, said the growth witnessed in gross written premium was supported by continued growth in their health business, making the company the health insurance industry leader while maintaining their position in other segments.

    On dividend, he explained that due to the guidelines for a Tier-Based Minimum Solvency Capital (TBMSC) Policy released  by the National Insurance Commission (NAICOM), they took strategic decisions to optimise their balance sheet to align with the guidelines in readiness for the implementation of the policy.

    He stated that although, the policy was later withdrawn and cancelled by the regulator, they had already taken the necessary actions on it.

    He disclosed that while the step taken had a significant impact on their working capital, they are confident that the benefits in terms of readiness to secure future business opportunities and ensure the continued profitability of the company far outweighs any short term impact.

    ‘’It is for highlighted reasons that we did not propose to pay dividends this year’’, he told the shareholders.

    The Managing Director, AXA Mansard, Kunle Ahmed, added that NAICOM had early in the first quarter of 2018, taken action to curb rate cutting in the insurance industry by releasing approved premium rates for compulsory insurance and gave directive to all insurance companies to be guided by the rates.

    Speaking on the performance ratio, he said their operating expense ratio remained relatively flat despite their growth, increasing marginally to 18 per cent in 2018

    He said this is positive outcome considering the growth of the top line and reflects their continued effort to ensure operational efficiency.

    “Our reinsurance cost ratio also increased marginally to 21 per cent from 20 per cent, as a result of changes made to treities and focus on the mid-size business segment which they expect will assist their quest to improve margins.

    Growth in total assets under management continued this year, with the business achieving growth of 40 per cent to N106.6 billion as at December 31, 2018, from N76.1 billion in the previous year”, he added.

  • AXA Mansard partners Uber

    AXA Mansard, a member of AXA Group, one of the global leaders in insurance and asset management, collaborated with Uber in conducting a safety workshop for Uber drivers. It was to make rides safer and more secure for driver-partners and riders as a form of value-added service to Uber partner drivers.

    The workshop which held in Lagos and Abuja respectively, was part of Uber’s week-long Safety-Week initiative aimed at amplifying and restating its ‘Safety Never Stops’ narrative of making rides safer and more secure.

    Commenting on the event, Mrs Latifah Aliu, Head, Partnerships Group, AXA Mansard Insurance said, “We at AXA Mansard are excited to be a part of the initiative that seeks to enlighten Uber partner drivers on safety measures and principles. We seek to reinforce our commitment to our partners, especially as we seek to drive our “Payer to Partner” initiative. We hold our customers’ interest at heart always and conducting this safety workshop is a means of expressing our dedication towards ensuring a safer lifestyle for all our customers.

    “The workshop included various sessions facilitated by different law enforcement agencies highlighting different topics ranging from partner driver’s duties and responsibilities on the road to how and where to obtain legitimate documents to the use of the Uber’s in-app safety featsures. We also had some doctors and nurses train participants on healthy living and stress management, while a health check was held for partner drivers. We remain resolute to seeing an accident-free Nigeria even as we empower our customers to maintain a safety lifestyle always”, she added.

  • AXA Mansard supports women

    Today more than any other time in history, there’s a strong call to amplify the achievements of females in our society across different sectors, Divisional Director, Retail at AXA Mansard Insurance plc, Mrs. Rashidat Adebisi, has said.

    In a statement made available to reporters  in Lagos, Adebisi said this is why AXA Mansard sponsored SME 100 Africa Event in commemoration of the international women’s month.

    According to her, the event with the theme:   “Balancing for Better; The Rise of the Female Economy,” had various women from different sectors of government, private sector, the academia, small business owners, professionals and housewives present to discuss several issues that have been limiting women in their fields.

    She said: “Everyone is encouraged to reflect as a society on the roles of women as managers, professionals, teachers and agents of change, to bring to light how far women in Nigeria have come, and what needs to be done in the overall achievement of gender parity.

    “The gender differences in participation rates in labour markets have narrowed significantly in recent times. The female labour force participation rate today is higher compared to what it was some decades ago. It is therefore safe to say that women have become an important segment for every sector to target including insurance and other non-banking financial sectors.

    “We at AXA Mansardm AXA Mansard, a member of the AXA, one of the global leaders in insurance and asset management are very proud to be a part of an event like this which highlights the part that women play in the development of any economy. AXA is set to partner with women across all groups, sectors, life stages and varying peculiar needs all over Nigeria to form a formidable network among the women while providing the needed support to enable them grow and help them live better lives”, she added.

  • AXA Mansard unveils insurance education product

    In response to the growing needs of its customers and as part of its quest to ensure continuous access to quality education, AXA Mansard Insurance has launched its revamped education plan product.

    In a statement made to reporters, the firm’s Managing Director, Kunle Ahmed stated that the  plan was designed to reward customers for their loyalty and assist parents achieve their lofty goals for their children in terms of education.

    He said customers would have  access to a free yearly health check and receive three months’value of their premiums in the first five years of policy period.

    He said: “These rewards align with our continued focus on living benefits as well as promoting healthy living in our society. The plan gives parents and guardians the opportunity to ensure they have funds for educational expenses of their child(ren)/wards, especially when they reach university entry age.

    “It also ensures that their education is not derailed in the event of any unforeseen circumstance, such as death or permanent disablement of the parents/guardians.”

  • Uber, AXA Mansard parley on safety

    Driver-partners registered on the Uber app, last Friday parleyed with the law enforcement officials, health and safety organisations, and members of the local Uber team on safety and security.

    Topics on where to obtain original vehicle registration details, minimise risks and prevent accidents, improve well-being and stress management for driver-partners, and a run-through of Uber’s in-app safety features were treated.

    Uber West Africa General Manager Lola Kassim said the firm is committed to safety and working to build a better experience for driver-partners.

    “It made sense for us to collaborate with relevant safety and security experts, and organisations like AXA Mansard to organise a workshop that provides driver-partners with relevant and useful safety tips. The Driver safety tips are designed to help driver-partners feel empowered to be safe and help them make safe decisions before, during, and after every ride,” Kassim said.

    Speaking on the safety, Greenlight Operations Manager for West Africa O’Yoma Ukueku, said: “At Uber, we’re working to help make cities safer, and that includes listening to those who protect and serve our communities every day. The workshop was designed to give driver-partners access to knowledge and information facilitated by subject matter experts on a wide variety of subjects that are critical to safety while on trips.

    ‘’As safety is a critical pillar to us at Uber, we are striving to ensure that driver-partners have access to information that improves the quality and safety of rides.”

    According to West Africa/Sub-Saharan Africa Communications Head Francesca Uriri, the workshop was part of a week-long Safety-Week initiative aimed at amplifying and re-iterating Uber’s ‘Safety Never Stops’ narrative of making rides safer and more secure for driver-partners and riders.

    Uber recently announced its new Safety Toolkit, which began a phased roll out to over 134 00 active riders and over 9 000 active drivers across the country.

    The toolkit will introduce new innovative features such as a driver in-app emergency button and speed alerts, which aim to raise the bar on safety, and increase transparency, accountability and peace of mind for all users.

  • Insurance crucial to economic development, say experts

    Governments at all levels, corporate entities and individuals need to embrace insurance for economic development, National Insurance Commission (NAICOM) Director, Rasaaq Salami, has said.

    He spoke during the launch of AXA Mansard Insurance Television Commercial (TVC) for Life Insurance products at the weekend in Lagos.

    The event titled: Role of insurance in economic development was attended by some experts.

    Stressing the important role of insurance in economic development, he cited recent incidents of collapsed buildings across the country.

    He said it was unfortunate that the three-storey building in Ita-Faji area of Lagos Island, that killed 20 people, including pupils of a school and other people was not insured.

    He pointed out that if the building was insured, insurance would have compensated all victims of the disaster.

    He added that this explains the important role of insurance in an economy.

    He, however, called on operators to do more in awareness creation that will spur people to embrace insurance, noting that this is the direction that the commission as the regulator is going.

    Lauding AXA Mansard, Salami said the commission is proud of the company’s TVC on life insurance policies because it is about customers getting benefits while still alive

    He said: “We need to start doing more in our plans to create awareness and that is the direction that the commission is going. We urge everybody to endeavour to take up an insurance policy.

    “The commission is impressed with the commercial because we believe this is the direction that we should be moving in the industry. We have always had adverts or creatives that talk about disasters and deaths. This has scared the people away from taking insurance. We are proud of this advert that gives benefits while the insured is alive.”

    AXA Mansard Chief Executive Officer Mr Kunle Ahmed said the company’s life insurance products gave cash-back, healthcare ‘checks and loyalty bonus on its life products.

    He said they believed that life products should not just  be about benefits after the death of an insured but benefits to an insured while alive.

    Ahmed stated that the TVC was designed in their quest to improve the well-being of Nigerians, improve the uptake of life insurance policies and deepen insurance penetration.

    “The TVC promotes the importance and benefits of life insurance, focusing on living benefits. We believe that the TVC will bring about a paradigm shift in people’s understanding of life insurance being the first of its kind in the insurance industry. The TVC is also a testament to our desire to seek solutions that will increase insurance uptake in the country. We did a lot of research and we believe that life insurance penetration is still very low in Nigeria.

    ‘’Many people would buy the general policies like motor, home insurance, etc and would rather not buy life insurance. We think that this may have to do with the way the life products are presented to the public. This is why we came up with the TVC we have today and we believe through this effort, the perception that people have about life products will change for the better.

    “AXA Mansard was incorporated in June 1989. Within the 30 years of our existence, the name of the company has changed but we have remained the best in service standard. The company is a member of AXA Group, a world leader in insurance and asset management with 166,000 employees, 107 million clients across 64 countries in the world.”

    Nigeria Insurers Association (NIA) Director-General Mrs Yetunde Ilori affirmed that there is low awareness for insurance, especially life policies.

    “People only relate the policies to death but I think the AXA Mansard TVC, people will feel more excited to purchase insurance. On the part of NIA, we will use the media in sensitising the public on the benefits of insurance,” she added.