SHAREHOLDERS of AXA Mansard Insurance Plc have unanimously approved the five kobo per share dividend proposed by its Board of Directors.
The shareholders at the 25th Annual General Meeting, AGM, held in Lagos said: “We commend the Board and Management for the five kobo dividend recommended by the Board, despite the tough operating environment witnessed in the financial year 2016.
We also commend the performance of AXA Mansard Insurance for the impressive results recorded in the financial year ended December 31, 2016 as virtually all the financial indices were positive.”
The shareholders, however, condemned the continuous delay in the approval of financial results and other corporate actions of companies in the insurance industry by the apex insurance regulatory body, National Insurance Commission, NAICOM.
The shareholders stated that this delay does not encourage insurance companies in meeting the aspirations of shareholders on good corporate governance. The shareholders called on NAICOM to always respond as much quickly as possible to issues and activities involving the insurance industry as this will go a long way in encouraging investors to invest more in the industry. Chairman of the company, Mr. Olusola Adeeyo, commended shareholders for their support and loyalty. He said, “in spite of the adverse economic situation experienced in 2016, we had a successful business year with growth in almost all measures of performance. “We recorded 25 per cent growth in Gross Written Premium to N20.7 billion in 2016 from N16.6 billion in 2015; Net premium income also grew to N10.9 billion from N9.9 billion in 2015; profit before tax, up by 53 per cent to N3.1 billion from N2.02 billion in 2015; profit after tax up by 63 per cent to N2.7 billion from N1.7 billion in 2015. “Our balance sheet remained robust in 2016, experiencing moderate growth of 7 per cent in total assets to N55 billion from N51.21 billion in 2015.