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AXA Mansard, one of Nigeria’s largest insurance companies, said on Wednesday that its 2016 half-year after-tax profit rose to N2.26 billion, up 111 per cent compared with the company’s N1.07 billion profit in H1 2015.

According to a statement released at the Nigerian Stock Exchange, the company said gross premium written rose 25 per cent to N13.22 billion in H1 2016, compared with N10.57 billion recorded in a similar period of last year.

Buoyed by massive foreign exchange gains, AXA Mansard said its investment income rose by 89 per cent to N4.12 billion in H1 2016 from N2.18 billion recorded in H1 2015.

For the period under review, AXA Mansard said basic earnings per share rose 126 per cent to N17.23 per share in H1 2016 from N7.61 per share recorded in H1 2015.

AXA Mansard is Nigeria’s third largest insurance company by premiums, with a market share of 11.35 per cent as at 2014, according to the National Insurance Commission. (Leadway Assurance is the largest with 33.73 per cent market share while Aiico Insurance is the second largest with 17.77 per cent market share).

AXA Mansard became a subsidiary of the AXA Group in 2014 after the French insurance giant paid $246 million to acquire 77 per cent of Mansard Insurance, which was formed in 2012 following a management-buyout of Guaranty Trust Assurance.