Mansad Insurance Plc has witnessed a 92 per cent drop in its trade receivables from N2.04 billion recorded in the 2012 financial year end to N166 million in 2013.
The drop in trade receivable, is coming on the heels of the recent enforcement of ‘No premium, no cover’ policy by the National Insurance Commission (NAICOM) meant to stem the growth of outstanding premiumsin the insurance industry.
The company, however, rannounced that its Profit After Tax grew fromN1.6billion in 2012 to N2.1 billion in the period under review, while its Net Premiums grew to N7.54billion from N7.11billion in 2012. PAT rose 31 per cent from N2.1billion in 2013.
Its gross premium also grew by nine per cent in 2013 to N13.59billion from N12.44 billion in 2012, while its Net Premiums grew by six per cent growth in 2013 to N7.54billion from N7.11billion in 2012.
The Chairman, Victor Osibodu, who made this known at the 22nd Annual General Meeting of the underwriting firm held in Lagos, said it will explore new and exciting opportunities to actualise its expanding ambitions and exceed its stakeholder’s expectation.
He said in April 2013, Mansard Insurance added a Health Insurance subsidiary to the group.
He said: ‘’Mansard Health Limited is fully functional with a full complement of staff and is leveraging optimally on the technology and distribution platforms of Mansard Insurance. The HMO is currently signed on to 400 hospitals across the 36 states of the federation and the FCT.
Mansard Investments Limited continued its business of managing the company’s investments and those of third parties.
“The company restructured its team to serve along private and institutional lines, and has commenced the process of opening up internal products to public subscription. It closed the year with funds under management of N23.2billion, and a Profit before Tax of N108.45million compared to N114.5million in 2012.
“As a result of this performance, the company’s board has proposed a final dividend of 4k for the year ended December 2013 having previously paid 4k to the shareholders during the year as an interim dividend, bringing the total dividend to 8k.”