Mansard Insurance Plc recorded a 48 per cent increase in its profit after tax for the full year ended December 31, 2012.

Its results released to the Nigerian Stock Exchange on Wednesday showed that its profit, which stood at N930m at the end of 2011, rose by 48 per cent or N45m to close at N1.38bn in the year under consideration.

Similarly, its premium revenue rose by 24.4 per cent or N2.44bn to close at N12.44bn in 2012, up from N10bn a year earlier.

According to the result, its investment income and other operating income also rose on the back of proactive portfolio management, from N644m in December 2011 to N1.69bn in the year under review.

The company’s balance sheet revealed that the total assets stood at N27.29bn, representing an increase of 14 per cent from N24.02bn in 2011 to N27.29bn, while insurance liabilities was up by 26 per cent to N5.87bn, indicating growing security shield for existing policyholders.

Shareholders’ funds also rose by N36m or 2.6 per cent to N14.42bn in the year under review, up from N14.06bn recorded the previous year.

Commenting on the result, the Chief Client Officer, Mansard Insurance, Mr. Tosin Runsewe, said the performance was based on improved strategies, which boosted its business.

He added that the company was poised to ensure increased returns in the next financial year.

He said, “We achieved better results in the year by maintaining best practices in our corporate governance structure and remaining focused on our growth strategy. In the medium to long term, we will introduce more innovative products to the market and expand our retail branch network in a bid to improve accessibility by a growing customer base.

“These, combined with a continuous up-scaling of our technology infrastructure, will ensure our place as a leading independent insurance company.”

He added that the company had increased its business with banks in a better way than before, adding that this had enabled the firm to expand without compromising the existing relationship that it had with other companies.

The Chief Financial Officer, Mrs. Rashidat Adebisi, said, “We closed with a Gross Premium of N12.4bn, up by 24 per cent from the previous year. We also grew our profit before tax by 45 per cent to N1.7bn, while investment income and other operating income increased by 162 per cent from N644m to N1.7bn.

“Our insurance receivables and other receivables went from N4.3bn to N3.8bn, reflecting a 12 per cent decrease. In 2013, Mansard Insurance will continue to improve on its performance, barring any unforeseen circumstances.”

Source: Punch (by Udeme Ekwere)