MANSARD Insurance grows half-year revenue by 27%

Mansard Insurance Plc, provider of risk and investment management services, has announced its audited half year results for the period ended June 30, 2014.

The company, in statement, said it reported a 27 per cent growth in both Gross Premium Written (GPW) and Net Premium Income (NPI).

It highlighted that its GPW earnings for the period ended June 2014 stood at N9. 61 billion, up from N37.55 billion in the corresponding period of 2013.

In the same breadth, it declared N4.47 billion NPI against the N3.51 billion earned in the corresponding period of 2013. The company stated that NPI growth was fuelled by “back of high retention rate due to retail growth.”

Speaking on these successes, MA’s Chief Client Officer (CCO), Tosin Runsewe, stated that the company’s positive “Gross Premium Written growth is driven by growth increased patronage from both institutional and retail clients.”

Speaking further on the company’s half year results, 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.”

The frontline insurance company also declared “trade receivables of N328 million (December 2013: N166 million) up by 97 per cent, which regularised in July based on cash backed credit notes which have a 30-day settlement timeline.”Other positive results also include: Total assets of N39.59 billion, an increase of 10 per cent (December 2013: N36.13 billion), driven by growth in insurance liabilities and Insurance liabilities of N10.52 billion (December 2013: N7.69 billion); up by 37per cent, due to growth in Gross Premium Income (GPI).” 

Source : Tribune

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