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AXA Mansard to partner IFC, others for hospital investment project

13 Apr 2017, 11:45 am
Financial Nigeria
AXA Mansard to partner IFC, others for hospital investment project

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AXA Mansard is Nigeria’s third largest insurance company by premium, with a market share of 11.35 percent as at 2014.

AXA-Mansard signage

AXA Mansard, a leading Nigerian insurance company, has announced that it is in the process of partnering with the International Finance Corporation and other companies to explore the possibility of investing in a hospital project.

According to a statement released on the Nigerian Stock Exchange on Wednesday, AXA Mansard said the proposed investment is a greenfield integrated medical facility, comprising of a 150-bed multi-specialty hospital and two 10-bed primary health centres/polyclinics.

Once the project is approved, AXA Mansard said it will be managed and operated by Healthshare Health Solutions Limited, a hospital management company based in South Africa. “AXA Mansard and IFC are still at the preliminary stage of discussions and their Boards are yet to pass final resolutions approving the investment,” the company said.

In its 2016 results, AXA Mansard said gross premium written rose 15 percent to N20.71 billion, driven by strong growth in its six main operating segments: non-life insurance, life insurance, pension funds management, asset management, property development, and health management organization. After-tax profit rose 123 percent to N2.63 billion, owing to the strong top-line growth.

Founded in 1989, AXA Mansard is Nigeria’s third largest insurance company by premium, with a market share of 11.35 percent as at 2014, according to the National Insurance Commission. (Leadway Assurance is the largest with 33.73 percent market share; while Aiico Insurance is the second largest with 17.77 percent market share).

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

As at 11.34 am on Thursday, AXA Mansard’s stock was flat at N1.52 per share.


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