AXA Mansard published its 2024 second-quarter results, reporting a pre-tax profit of N14.9 billion.
This indicates a 57.79% year-over-year increase from a pre-tax profit of N9.4 billion reported in 2023.
The company experienced a surge in revenue by 88.88% year-over-year at N44.2 billion in Q2 of 2024, up from N23.4 billion in 2023.
Also, earnings per share recorded in Q2 of 2024 grew by 56.44% to N1.58 from N1.01 reported in the previous year.
Key highlights:
Revenue: N44.2 billion, 88.88% YoY
Net expenses: N18.5 billion, 97.10% YoY
Investment return: N15.1 billion, 52.76% YoY
Profit before tax: N14.9 billion, 57.79% YoY
Profit after tax: N14.1 billion, 56.85% YoY
Earnings per share: N1.58, 56.44% YoY
Commentary:
AXA Mansard’s revenue surged astronomically by 88.88% year-over-year in Q2 of 2024 when compared to the same period in 2023.
Concurrently, the surge in revenue spiked the net expenses incurred from the reinsurance of previously held contracts by 97.10% YoY.
However, investment return from gross premium, which represents the total amount collected from customers in exchange for insurance services, rose by 52.76% year-over-year, causing a surge in pre-tax profits.
The company’s pre-tax profit increased by 57.79% year-over-year from N9.4 billion in Q2 of 2023 to N14.9 billion in Q2 of 2024.
The earnings per share reported by the company from common stocks climbed by 52.76% YoY to N1.58, from N1.01 reported the previous year.
AXA Mansard is currently trading at N5.32 per share in the Nigerian stock market while riding a strong buy trend.
However, the stock requires a surge in market volume to push the price to a short-term target zone of N7.00 per share.