News Column

Mansard Insurance's Results Excite Shareholders

May 1, 2014

Goddy Egene

Shareholders of Mansard Insurance Plc have lauded the board and management of the company for its impressive 2013 financial performance.

The insurance firm ended the 2013 with 31 per cent growth in profit after tax and paid a dividend of eight kobo per share in an industry that some companies failed to pay dividend.

Buy speaking at the annual general meeting in Lagos, the shareholders commended the performance. For instance, Alhaja Ayodele Kudaisi of Independent Shareholders Association of Nigeria (ISAN) said: "We are happy to receive this result from you despite the 'No Premium, No Cover' enforcement.

"We are particularly glad that you are still able to pay so much as eight Kobo dividend to shareholders under the prevailing conditions. We wish you more growth in the coming years."

In his speech, Chairman of Mansard Insurance, Mr. Victor Gbolade Oshibodu, said the company grew gross premium written to N13.59 billion,from N12.44 billion in 2012. Profit after tax rose from N1.6 billion to N2.1 billion.

Explaining the eight kobo dividend, Oshibodu said it was in line with the company's assurance to continually deliver exceptional value to shareholders.

Commenting on the results, Chief Client Officer of Mansard Insurance, Mr. Tosin Runsewe, said "we achieved growth in a difficult year where the industry experienced a decline in growth rate which was stifled by 'No Premium, No Cover' regulation.

"The institutional end of the market was most affected. On the other hand we had a much better cash flow into the business reflecting our compliance with regulation."

According to him, overall, the company achieved 31 per cent increase in net earnings as a result of significant growth in income from our increasingly diversified investment base.

Speaking in the same vein, Chief Financial Officer of the company, Rashidat Adebisi said: "This is the first time since our renaissance that we would record single digit growth, but we understand the difficulties of 2013.

"We are unwearied because we are seeing growing numbers in Mansard's penetration of a resilient market. We will continue to work enthusiastically to deliver on our assurance of financial security to our customers."

She said the company found 2013 financial year interesting as retail business was a major driver of both revenue and profit.

"We find this very exciting and rewarding as we seem to have started reaping the rewards of our significant investments in retail," she said.

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Source: AllAfrica

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