The Nigerian Mansard Insurance Plc has been acquired by the France based AXA, one the international leading insurance and asset managment groups.
The acquisition of Mansard followed the earlier control of Assur Africa Holding (AAH) that holds 77 per cent in the Mansard Insurance Plc.
Mr Victor Osibodu, Chairman of Mansard Insurance, said that the development would force the company to change its name to AXA Mansard Plc.
The chairman told shareholders of the company at their recent Annual General Meeting (AGM) in Lagos that AXA was a global insurance player in insurance and asset management with 160,000 employees serving 102 million clients in 56 countries.
“In December 2014, AXA group, in a bid to actualise its Sub-Saharan African expansion, acquired 100 per cent equity in AAH.
“AAH before its acquisition, holds 77 per cent stake in Mansard Insurance PLC, thereby making AXA the beneficial owners of Mansard,” he said.
According to him, the company will benefit from limitless access to global resources, capacity development, stronger brand recognition, especially in corporate space. These will transcend to better service delivery, product innovation and increased returns for shareholders,” he said.
He further said that in line with the company’s strategic growth objectives, Mansard had successfully obtained regulatory approval to acquire 60 per cent stake in Penman Pensions Ltd.
Osibodu also said that the acquisition was done without borrowing.
On the company’s financial performance in 2014, he said that gross premiums grew by 28 per cent in 2014 to N17.4 billion to N13.59 in 2013. Profit before tax also rose by two per cent from N1.98 billion in 2013 to N2.02 billion in 2014.
On the other hand, profit after tax dipped by 27 per cent to N1.5 billion in 2014 from N2.1 billion recorded in 2013.
The company’s net income premiums (NIP) also recorded a 20 per cent growth in 2014 to N9.05 billion from N7.54 billion in 2013. On the whole, the company’s total assets appreciated by 24 per cent to N44. 9 billion in 2014, compared with N36.1 in 2013.