AXA MANSARD INSURANCE : QUARTER 5 – FINANCIAL STATEMENT FOR 2022

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AXA Mansard Insurance Plc and Subsidiary Companies

Annual Report 31 December 2022

AXA Mansard Insurance Plc and Subsidiary Companies

Annual Report

31 December 2022

Introduction

AXA Mansard Insurance is a Nigerian financial service group with interests in insurance, asset and investment management, health insurance and property development. AXA Mansard Group comprises AXA Mansard Insurance Plc. and three subsidiaries all operating in Nigeria.

AXA Mansard Insurance Plc’s Financial Statements comply with the applicable legal requirements of the Companies and Allied Matters Act (CAMA), 2020 regarding financial statements and comprises Consolidated and Separate Financial Statements of the group for the year ended 31 December 2022. The consolidated and separate financial statements have been prepared in accordance with the IFRS Standards.

AXA Mansard Insurance Plc and Subsidiary Companies

Annual Report

31 December 2022

Contents

Page

Business Review:

Corporate information

5

Corporate addresses

6

Vision, Mission and Values

8

2022 Corporate social responsibility initiatives

9

Sustainability report

12

Corporate Governance:

Corporate governance report

14

Internal Control and Risk Management Systems

21

Management discussion and analysis

27

Director’s Report

28

Statement of Directors’ Responsibilities

32

Statement of Corporate Responsibility

33

Report of the Audit and Compliance Committee

34

Independent Auditor’s Report

35

Financial Statements:

Consolidated Statement of Financial Position

40

Consolidated Statement of Comprehensive Income

41

Consolidated Statements of Changes in Equity

42

Consolidated Statement of Cash Flows

46

Notes to the financial statements

47

Other national disclosures:

Five Year Financial Highlights

143

Value Added Statement

145

General Business Revenue Account

146

Life Business Revenue Account

147

Annuity disclosures

148

AXA Mansard Insurance Plc and Subsidiary Companies

AXA Mansard Insurance Plc and Subsidiary Companies

Annual Report

31 December 2022

Corporate information

Chairman

Mr. Olusola Adeeyo

Chairman

Nigerian

Directors

Mr. Kunle Ahmed

Chief Executive Officer

Nigerian

Mr. Hassan El-Shabrawishi

Non Executive Director

Egyptian

Mr. Tope Adeniyi

Non Executive Director

Nigerian

Mrs. Rashidat Adebisi

Executive Director

Nigerian

Mr. John Dickson

Non Executive Director

British

Mr. Thomas Hude

Non Executive Director

French

Ms. Latifa Said

Non Executive Director

French

Ms. Abiola Bada

Independent Director

Nigerian

Registered Office

Santa Clara Court

Plot 1412, Ahmadu Bello Way

Victoria Island Lagos

www.axamansard.com

Company Secretary

Mrs. Omowunmi Mabel Adewusi

RC No.

133276

FRC Reg. No.

FRC/2012/0000000000228

Auditors

KPMG Professional Services

KPMG Tower

Bishop Aboyade Cole Street,

Victoria Island, Lagos

Tel: (01) 2718955

www.kpmg.com/ng

Bankers

Guaranty Trust Bank Plc

Standard Chartered Bank Nigeria Limited

First City Monument Bank Limited

Stanbic IBTC Bank Plc

Access Bank Plc

Citibank Nigeria Limited

Ecobank Nigeria Plc

Fidelity Bank Plc

Heritage Bank Limited

Union Bank of Nigeria Plc

United Bank of Africa Plc

Re-insurers

African Reinsurance Corporation

Continental Reinsurance Plc.

Swiss Re

Munich Reinsurance Company Limited

Actuaries

Zamara Consulting Actuaries Nigeria Limited

Nikhil Dodhia

FRC No: FRC/2021/004/00000024023

QED Actuaries & Cons. (Pty) Ltd

C Van Heerden

FRC No: FRC/2018/NAS/00000018470

AXA Mansard

Ganiu Shefiu

FRC No: FRC/2017/NAS00000017548

Valuers

Osas & Oseji Est. Surv. & Valuers

Osas & Oseji

FRC No: FRC/2012/000000000052

Osas & Oseji Est. Surv. & Valuers

Hyacinth Oseji

FRC No: FRC/2019/004/000000/20162

Registrar

DataMax Registrars Limited

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Disclaimer

AXA Mansard Insurance plc published this content on 31 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2023 18:49:19 UTC.

Publicnow 2023

All news about AXA MANSARD INSURANCE PLC

Sales 2021 44 219 M
96,1 M
96,1 M
Net income 2021 3 165 M
6,88 M
6,88 M
Net cash 2021 14 001 M
30,4 M
30,4 M
P/E ratio 2021 6,63x
Yield 2021 10,8%
Capitalization 16 923 M
36,8 M
36,8 M
EV / Sales 2020 0,43x
EV / Sales 2021 0,15x
Nbr of Employees 294
Free-Float 93,4%

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