The Nation Newspaper

Tag: Mansard

  • AXA Mansard train HR leaders on good mgt

    AXA Mansard Health Limited, the health management subsidiary of AXA Mansard Insurance Plc, is set to train human resources managers on how to improve and sustain employee motivation in the workplace.

    The firm held the first edition of its human capital initiative, HR Leaders’ Conference, where the benefits of good staff relationship was explored as the difference between a successful company and an unsuccessful one.

    The conference with Sustaining Employees’ Motivation through Integrated Benefit Planning as its theme was held in Lagos with professionals in the human resources department commenting on the future of the industry.

    The Chief Executive Officer of AXA Mansard Health Limited, Mr. Tope Adeniyi, said the initiative was conceptualised to provide a platform for human resources leaders to meet and discuss issues as it relates to improving and sustaining employee motivation in the workplace.

     

     

    Adeniyi said people who are the workforce in any organisation can be encouraged to increase productivity, not only through wage increase, but by a careful understanding of their feelings through a robust employer-employee relationship, adding that as for most members of staff, it is family or workplace challenge that is limiting their outputs.

    He said: “The confab came about as a result of the gap we saw in the market that a lot of employees are not satisfied in their working environment and if an employee’s family is taken care of, productivity in work can be improved and it is time we should be looking beyond wages, none wages reward system that can make employees more satisfied in the work should also be looked at.”

  • Mansard posts N17.4b gross premium

    Mansard posts N17.4b gross premium

    Mansard Insurance Group has recorded gross premium income of N17.4 billion in the financial year end December 31, 2014, from N13.59 billion recorded in 2013, indicating a 28 percent increase.

    Its net premium also grew by 20 per cent to close at N9.05 billion as against N7.54 billion in the previous year.

    Underwriting income appreciated 79 per cent from N1.89 billion in 2013 to N3.38 during the period under review, while investment income and other incomes slide marginally by three per cent to close at N3.60 billion.

    Mansard however closed the year with a profit before tax of N2.02 billion from N1.98 billion in 2013, while the profit after tax stood at N1.53 billion from N2.09 billion the previous year.

    The drop in profit the company explained was due to expenses resulting from acquisition as well as business expansion, which gave rise to more agency offices called Mansard welcome Centres.

    However, the company’s shareholders who were excited at the coming into the company of AXA group, a global insurance giant with presence in 56 countries, 160 million employees and 102 million clients, believe that it places Mansard on global business map for competitive edge.

    Some of the shareholders who spoke during the company’s 23 Annual General Meeting (AGM) in Lagos expressed satisfaction with the expansion project, which they stated positions the firm for more growth in the near future.

    Chairman of the Company, Victor Osibodu said Mansard stands to benefit from limitless access to global resources, capacity development and stronger global recognition, most especially in the corporate space.

    He said: “I am very confident that these factors will transcend into better service delivery and product innovation that will deliver unequaled solutions to our esteemed customers and translate into increased returns for all shareholders.”

     

     

    Chief Client Officer, Tosin Runswe said the company has continued to restructure its strategic plan to align with its growth plans. According to him, the strategic objective of the company in the next five years would be to build structures to enhance retail distribution channels; create technology aided value-added services and solutions; build a corporate structure that will enhance the efficiency of the group’s multi-line businesses; play a leading role in implementing regulations and risk standards within the industry as well as explore investments into other emerging markets in Sub-Sahara Africa.

    A shareholder, Peter Abiodun said he is happy that Mansard acquired 60 per cent equity stake in Penman Pensions Limited, a pension fund administrator, pointing that it would in no distant time impact the performance of the company and enhance shareholder value.

    AXA Group in December 2014, in a bid to actualise its sub-Saharan Africa expansion ambition acquired 100 percent equity in Assur Africa Holding (AAH), which holds a 77 per cent stake in Mansard Insurance, thereby making AXA the majority owner of Mansard.

     

  • Mansard acquires majority equity stake in pension firm

    Mansard Insurance Plc has acquired the majority equity stake in Penman Pensions Limited, making the pension firm a subsidiary of Mansard Insurance. Mansard Insurance is one of the leading quoted insurance companies.

    A transaction note obtained by The Nation yesterday indicated that Mansard Insurance, which recently became Nigerian arm of AXA-the world largest insurance company, has completed acquisition of 60 per cent equity stake in Penman Pensions Limited.

    The completion of the acquisition followed the approvals of the relevant regulatory agencies including the Securities and Exchange Commission (SEC), National Insurance Commission (Naicom), National Pension Commission (Pencom) and Nigerian Stock Exchange (NSE).

    The new acquisition increases the number of Mansard Insurance’s subsidiaries to four having already made significant inroads into asset management, health insurance and property segments through its wholly owned subsidiaries-Mansard Investments Limited and Mansard Health Limited. Mansard also owns majority equity stake a property joint ventures, APD Limited.

    AXA recently bought 77 per cent majority equity stake in Mansard Insurance Plc, in a major market-entry push that promises to profoundly impact the Nigerian insurance industry. AXA is the world’s largest insurance company and already has a substantial presence in Africa including Cameroon, Gabon, Ivory Coast, Morocco, Senegal and Algeria.

    AXA took over 77 per cent equity stake held by Assur Africa Holding Limited (AAH), the core investor that had purchased the former Guaranty Trust Bank insurance subsidiary. GTBank had sold its insurance subsidiary, Guaranty Trust Assurance Plc, in compliance with regulatory framework of the Central Bank of Nigeria (CBN).

    AXA had entered into an agreement to acquire 100 per cent of Assur Africa Holdings, which held the 77 per cent equity stake in Mansard. AAH is made up of Development Partners International (UK), Africinvest Inc (Tunisia), Netherlands Development Finance Company (Holland), German Investment Corporation (Germany), French Development Finance Company (France) and ASPV Limited.

    However, the acquisition only resulted in the change of beneficial ownership of the 77 per cent equity stake in Mansard Insurance while the legal ownership of the shares remains.

    AXA viewed the acquisition of a majority stake in Mansard Insurance as s step to further strengthen its presence in Africa. It will also, at this entry point, become the fourth largest insurance player in Nigeria.

    Deputy chief executive officer, AXA, Denis Duverne, said the acquisition is a unique opportunity for AXA to enter the largest African economy with leading positions in all business lines and to get exposure to the fast-growing Nigerian retail insurance market.

    “AXA will benefit locally from the knowledge of an experienced and successful management team and from a profitable platform. Thus, this transaction represents a further step in our acceleration strategy, which is at the heart of our Ambition AXA plan, and is in line with our belief that insurance is instrumental to foster economic development, by providing communities with protection and risk management expertise,” Duverne said.

    AXA noted that Mansard is the fourth largest insurance provider in Nigeria with operations in both property and casualty and life and savings, pointing out that Mansard is well established in commercial lines, which represents nearly two thirds of its revenues, and has been developing successfully its retail business over the past three years.

  • AXA to acquire Mansard with Euro198m

    AXA to acquire Mansard with Euro198m

    AXA, a French multinational investment banking firm, said it has entered into an agreement to acquire 100 per cent of Assur Africa Holdings (AAH), which holds a 77 per cent stake in Nigeria’s composite insurance company Mansard Insurance Plc.

    Assistant General Manager, Marketing Group, Mansard Insurance, Taiwo Adeleye, said under the terms of the agreement, the total cash consideration payable at closing of the transaction would be Euro198 million.

    He said: “AXA would include the acquired operations within its Mediterranean & Latin American region. Mansard is the fourth insurance provider in Nigeria with operations in both property & casualty with a five per cent market share. The firm ranks fifth with four per cent market share in life & savings.

    “The company is well established in commercial lines, which represents nearly two thirds of its revenues, and has been developing successfully its retail business, achieving a growth of 40 per cent per annum on average over the past three years.”

    Adeleye stated that Mansard has built a strong competitive advantage through its multi-channel approach, with a strong focus on proprietary networks.

    He said: “This transaction would allow AXA to enter the highly attractive Nigerian market through a very reputable local company, led by a talented management team. Moreover, Mansard would be able to capitalise on AXA’s extended distribution knowledge; unique product skills and actuarial know-how, to accelerate further its development and leverage its competitive advantages.  The closing of the transaction is expected before the end of 2014.

    “This acquisition is a unique opportunity for AXA to enter the largest African economy with leading positions in all business lines and to get exposure to the fast-growing Nigerian retail insurance market.

    “AXA will benefit locally from the knowledge of an experienced and successful management team and from a profitable platform.  Thus, this transaction represents a further step in our acceleration strategy, which is at the heart of our Ambition AXA plan, and is in line with our belief that insurance is instrumental to foster economic development by providing communities with protection.”

    AXA is a French multinational investment banking firm headquartered in the 8th arrondissement of Paris and engages in global investment banking, securities, investment management, insurance, and other financial services.

    The AXA group operates primarily in Western Europe, North America, the Asia Pacific region, and the Middle East. AXA is a conglomerate of independently run businesses, operated according to the laws and regulations of many different countries.

  • Mansard, Microsoft partner on Nokia Lumia 930

    Mansard, Microsoft partner on Nokia Lumia 930

    Mansard Insurance Plc has partnered leading technology brands in the world, Microsoft to deliver to outstanding experience with the new Nokia Lumia 930

    The Nokia Lumia 930 was introduced to the Nigerian market at a media launch in Lagos.

    Speaking at the event, Mansard’s Director, Retail Business, Mr. Yomi Onifade said the partnership with Microsoft on the Nokia Lumia 930 is one the risk-bearing firm is proud of as it is the coming together of two forward thinking and innovative companies, aimed at delivering an experience that is the first of its kind to the customers.

    Mr. Onifade said every new Lumia 930 comes with free insurance which covers two screen damages and one liquid damage. The insurance is in place for a period of one year and everyone one that purchases the new device from any of the authorised outlets in Nigeria is automatically covered.

    He further said buyers should be on the lookout for the Mansard Insurance sticker on the device.

    On how to make a claim in the event it is arises, he stated that all that has to be done is for the phone owner to report at any Nokia Care outlet or authorised point, adding that the phone would be examined to know if its is still under warranty. He said if it is, the Nokia team will send the customers information to Mansard while the phone will be repaired and Mansard will pay Nokia Care for the repair.

    Managing Director, Microsoft Mobile Devices and Services, West and Central Africa, Mr. Nick Imudia, said: “The Lumia 930 is beautifully designed and a testament to our design heritage.

    “Its premium metal edges are sand blasted and precision machined to finely crafted details; to produce a strong, slim and striking smartphone that’s just simply beautiful to look at, with the best of Microsoft built in.”

  • Mansard grows revenue by 27% to N9.61b

    Mansard grows revenue by 27% to N9.61b

    Mansard Insurance Plc has announced its audited half year results for the period ended June 30, 2014 which showed it reported a 27 per cent growth in both gross premium written (GPW) and net premium income (NPI).

    The recorded GPW of N9.61 billion up 27 per cent from N7.55 billion it earned in June last year. The growth it said, was driven by increased patronage from both institutional and retail clients.

    The firm’s NPI also rose by 27 per cent to N4.47 billion as against N3.51 billion in 2013. The feat, it said was based on high retention rate based on due to improved retail per formance.

    Investment Income & Other Income stood at N1.55 billion, down 33 per cent from N2.3 billion recorded last year. The result, it said, was due to a one-off profit on disposal of an unquoted equity and unrealised gain on investment property in 2013. Equally, profit before tax stood at N993 million from N2.06 billion in 2013, a 52 per cent decline while profit after tax dropped by 56 per cent to N814 million, from previous N1.84 billion.

    Its Chief Client Officer, Tosin Runsewe said: “This year, revenue growth has been driven by deepening relationships through superior customer service delivery and our growing accessibility to customers. Our medium term focus is to rapidly grow our distribution channels such that our accessibility to all customers will be with ease and convenience. We expect the first half of 2014 growth pattern to continue during the second half of the year.”

    Its Chief Financial Officer, Mrs. Rashidat Adebisi said that the 52 per cent drop in profitability was expected.

    Commenting further on the performance, she said “Also putting a drag on profitability was the 53 per cent growth in Net Claims over last year. This growth was driven by lower recoveries from reinsurance as most of the claims were within our retention limits”.

    She added that overall, the firm’s March 2014 performance is very much in line with its projections for the period. “We look forward to a better June as this would deliver better underwriting performance as experience has shown,” she said.

  • Mansard opens centres

    Mansard Insurance has opened two new Welcome Centres in Enugu and Uyo in Enugu and Akwa Ibom states.

    In a statement by its General Manager, Corporate Commumications, Taiwo Adeleye, the centres would provide an opportunity for its customers to purchase its products and services in life, non-life and health insurance.

    It said customers may also receive after sales services at the centres.

    The Uyo centre opened following the opening of the Mansard Welcome Centre in Enugu by the Special Adviser to the Commissioner of Youth & Sports, Akwa Ibom State, Ese Umoh.

    The welcome Centre in Uyo is meant to serve customers and prospects.

    At the unveiling event,  the commissioner  appreciated the management of the firm for coming to Uyo,  to empower the youths and also increase the awareness and benefits of risk management in the state.

    The ceremony was followed by an awareness walk to sensitise the residents of the town on the usefulness of insurance.

  • Mansard wins award

    Mansard Insurance Plc has won the Most Trusted Insurance Company in Nigeria by National Institute of Marketing of Nigeria (NIMN).

    At a Award Night/ Dinner, which held as part of the institute’s International Annual Marketing Conference at the Eko Hotel & Suites, Victoria Island, Lagos, the institute said the award was in appreciation of Mansard for giving a new face to insurance by building trust, reliability and introducing innovative products in the insurance industry.

    The institute further said the award was to recognise exemplary achievement by organisations or institutions. “It recognises industry leaders with an indisputable track record of success in turning strategy into action and continuously improving their organisation’s performance,” it said.

    Executive Director of Mansard Insurance Mr. Kunle Ahmed thanked the institute for the honour, promising that the firm would not rest on its oars in delivering value added services to Nigerians.

    He urged the institute to challenge organisations to deliver high quality products and services.

  • Mansard settles MTN Y’ello cover claim

    Mansard settles MTN Y’ello cover claim

    Mansard Insurance plc, has made good its promise of prompt settlement of claims by paying the accident claim of an electrical engineer, Mr. Ameh Thaddeus Adiga who lost a finger in an industrial accident.

    According to Mr. Adiga, he was on duty at a food processing company in Kano where the accident happened, ‘’after repairing a granulating machine, it started up by itself and it cut off the third finger of my right hand.’’

    Mr. Adiga was rushed to Murtala Mohammed Specialist Hospital, Kano where he was treated for injuries sustained. It was in the course of the treatment that he notified Mansard Insurance and later sent in details of the accident as well as the medical and police reports.

    The necessary processing was done and an elated Mr. Adiga has this to say upon receiving his claims settlement, ‘’in fact, it is such a mystery for Nigerians to have such opportunity. I am so excited and joyful having this claim a reality because as I am speaking now, I am financially uplifted and revived, thanks to MTN and Mansard insurance’’.

    Mr. Adiga had subscribed to the MTN Y’ello Cover in October 2013. He had the accident in January 2014 and sent in claims substantiating documents in March, he received compensation payment just four days afterwards.

    Earlier in the year, Mrs. Ogunyemi in Lagos, made a claim on the same MTN Y’ello Cover insurance plan and said she was impressed with Mansard’s quick response to the disbursement of her claim.

    MTN Y’ello Cover offered in collaboration with Mansard Insurance, is a simple and convenient way everyone on the MTN network can access an affordable life protection plan directly from their mobile phones. For just N15/ day, or N100/ week, subscribers can enjoy up to N350,000 life insurance cover for medical expenses incurred in case of accidents and also enjoy benefits in the case of accidents resulting in permanent disability or demise.

  • Mansard Insurance acquires HMO firm

    Mansard Insurance Plc has acquired the entire issued share capital of Procare Health Plan Nigeria Limited, a health management organization (HMO) company as the insurance company seeks to consolidate its health insurance business.

    In a regulatory filing made available by the Nigerian Stock Exchange (NSE), Mansard Insurance, a publicly quoted subsidiary of Guaranty Trust Bank (GTBank) Plc which was recently sold by the bank in line with regulatory framework of the Central Bank of Nigeria (CBN), indicated that it intends to recapitalize and run Procare as its subsidiary in the health maintenance industry.

    Mansard stated that it would revitalize Procare’s operations in accordance with National Health Insurance Scheme (NHIS)’ New HMO Accreditation Guidelines.

    The company indicated that it would recapitalize Procare through increase in the company’s share capital from N100 million to N500 million while it would also expand the opertaionsl base of the HMO firm through establishment of functional offices in Lagos, Abuja, Port Harcourt, Enugu and Kaduna.

    Mansard stated that it plans to establish an office in the North-eastern part of the country as soon as the atmosphere there becomes more conducive for business operations.

    “In addition, Mansard would establish an operational call centre at the company’s head office in Lagos and conclude arrangements to deploy a state-of-the-art health insurance management software, TOSHFA, by Access Meditech Private Limited. Further, steps would be taken to change the company’s name and formally launch the new brand sometime in July 2013,” the regulatory filing indicated.