Management of Mansard Insurance Company has said that the company recorded 24 per cent growth in their General Business Portfolio (GBP) in Gross Premium Written (GPW) at the end of 2014 financial year as result of oil &Energy, Motor and Fire businesses.
The Chief Executive officer Mansard Insurance Plc Yetunde Ilori revealed this at the Company’s Annual General Meeting (AGM) in Lagos recently.
She noted that the 2014 was another extension year for the company’s growth judging from the 24 per cent growth in their general business portfolio in GPW which she attributed to the oil& energy, Motor and fire businesses.
“The General business portfolio Energy, Oil & Gas, Others Drive Mansard’s Growth In 2014 experienced portfolio experienced a 24 per cent growth in Gross Premium Written (GPW), driven largely by growth in the oil & energy, Motor and Fire lines.” she said
According to her, the oil and energy business was the strongest contributing to 28 per cent to GPW as against 20 per cent in 2013 while the motor and fire business segment contributed 18 per cent and 25 per cent to GPW respectively in 2013.
Also the Net Premium income recorded 20 per cent in the year under review while the non life claims grew marginally by 1.57 per cent contrasting the high claims the company experienced in 2013.
She noted on the life business GPW that the company recorded a 32 per cent growth indicating a full recovery from the slower growth of 7 per cent they recorded in 2013 due to the implementation of the No Premium No Cover policy. Net claims grew by 44 per cent driven by the Group life class of business that contributed 76 per cent to total net claims while individual life and Annuity contributed 12 per cent each to the net claims in the year under review The company closed the year with an underwritten expense ratio of 25 per cent, a claims ratio of 45% and an operating expense ratio of 46 per cent and according to her “This indicates an improvement from last year where we recorded 27 per cent, 47 per cent and 49 per cent for underwritten expenses, claims ratios and operating expenses respectively.” she said.
She equally noted that the insurance liabilities of the company increased by 47 per cent from N7.69bn in 2013 to N11.29bn in 2014 while retention ratio grew from 635 in 2013 to 66 per cent in 2014.
She therefore stated “We have continued to improve our underwritten capacity and we are very confident that in the near future we would enjoy better returns from the underwriting arm of our business” she noted.
Analysis of the company financial record showed that the gross written premiums grew by 28 per cent in 2014 to N17.4 billion from N13.59 in 2013 while the net premium income (NPI) recorded 20 per cent growth in 2014 to N9.05bn from N7.54bn in 2013.
Profit before tax 2 per cent from N1.98 billion in 2013 to N2.02 billion in 2014 against a 27 per cent dip in PAT from N2.1bnin 2013 to N1.5bn in 2014 while the Total assets rose by 24 per cent to N44.9bn in 2014 compared to N36.1bn in 2013.
Speaking at the meeting the Chief Client Officer Mr Tosin Runsewe stated that Mansard Health Ltd equally demonstrated very strong growth potentials on its health gross written premium to the tune of N529m in 2014 as against N14m recorded in the months of operation in 2013. According to Runsewe ,the expectation is that the year 2015 will be a more successful year for Mansard as ”We will continue to leverage on the Group’s corporate and retail distribution channels to position Mansard Health as an industry leader” he asserted.