AXA Mansard announced its second-quarter 2024 financial results, indicating a pre-tax profit of N14.9 billion.
This is a 57.79% increase from the N9.4 billion pre-tax profit reported in 2023 to the current year.
Revenue for the company increased by 88.88% in the second quarter of 2024 compared to the same period the previous year, from N23.4 billion to N44.2 billion.
Additionally, from N1.01 to N1.58 in Q2 of 2024, the earnings per share reported in the prior year increased by 56.44%.
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
What to note
In the second quarter of 2024, AXA Mansard’s revenue skyrocketed by 88.88% year over year compared to the same time in 2023.
Simultaneously, the increase in revenue caused a 97.10% YoY increase in net expenses related to the reinsurance of previously held contracts.
Pre-tax profits increased significantly as a result of a 52.76% year-over-year increase in investment return from gross premium, which is the entire amount received from clients in exchange for insurance services.
Between Q2 2023 and Q2 2024, the company’s pre-tax earnings climbed by 57.79% year over year, from N9.4 billion to N14.9 billion.
The company’s reported earnings per share from its common stocks increased from N1.01 to N1.58, a 52.76% YoY increase.
Riding a strong buy trend, AXA Mansard is currently trading at N5.32 per share on the Nigerian stock market.
To reach the short-term target zone of N7.00 per share, the stock must experience a spike in market volume.
