Economy & Politics

Nigeria: AXA Mansard resists COVID-19

While its parent company, AXA suffered the negative effects of the coronavirus with an 8% decline in its turnover in 3e quarter of 2020, the Nigerian subsidiary, AXA Mansard, is resisting. At the end of the 3e quarter of this year, two key indicators showed green.

Thus, the turnover recorded an increase of 5.4% in the first nine months of 2020, from 37.434 billion NGN (102.72 million USD) at September 30, 2019 to 39.462 billion NGN (102.44 billion USD) twelve months later. As for the net profit, it amounted to 5.671 billion NGN (14.72 million USD) as of September 30, 2020 against 2.11 billion NGN (5.79 million USD) a year earlier, an improvement of 168.7% over a year.

In addition, the claims charge increased by 22.9% as at September 30, 2020, or 14.34 billion NGN (37.23 million USD) against 11.665 billion NGN (32.01 million USD) during the 3e previous quarter. Note that the French group has argued that it will adopt an approach to growth in Africa.

The world number two in insurance will launch new business models to support its clients in its 8 African subsidiaries, including Morocco, Nigeria, Algeria and Gabon.

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