Directors’ Report for the year ended 31 December 2015
The Directors have pleasure in presenting their report on the affairs of AXA Mansard Insurance Plc (“the Company”) and its subsidiaries (“the Group”), together with the consolidated and separate audited financial statements and the auditor’s report for the year ended December 31, 2015. Legal Form and Principal Activity The Company was incorporated on 23 June 1989 as a private limited liability company called “Heritage Assurance Limited” and issued with a composite insurance license by the National Insurance Commission in March 2004. The Company’s name was changed to Guaranty Trust Assurance Limited in September 2004 following the acquisition of a majority share holding by Guaranty Trust Bank plc, and changed again to Guaranty Trust Assurance Plc in March 2006 following the increase in number of members beyond the maximum required for a private company. In November 2009, the Company became listed on the Nigerian Stock Exchange. The beneficial ownership of the Company changed to Societe Beaujon S.A.S (AXA S.A) in December 2014 by the acquisition of 100% of Assur Africa Holding (AAH). The Company modified its name and corporate identity to AXA Mansard Insurance plc in July 2015. The principal activity of AXA Mansard Insurance Plc is the provision of life and general business risk management solutions and financial services to corporate and retail customers in Nigeria. The Company has two wholly owned subsidiaries namely AXA Mansard Investments Limited (formerly Assur Asset Management Limited), AXA Mansard Health Limited (formerly Procare Health Plan Nigeria Limited) and two partly-owned subsidiary - APD Limited and AXA
Mansard Pensions Limited, which was acquired during the year under review. AXA Mansard Investments Limited was incorporated as a private limited liability company on 9 January 2008 and its principal activity involves provision of portfolio management services to both individual and corporate clients. AXA Mansard Health Limited was incorporated as a private limited liability company on the 7 of August 2003 and its principal activities is to manage the provision of health care services through health care providers and for that purpose accredited with the National Health Insurance Scheme. APD Limited was incorporated on 2 September 2010 for the purpose of leasing, holding and developing the Company’s commercial property located at Plot 928A/B, Bishop Aboyade Cole Street, Victoria Island, Lagos to an ultra modern office structure. AXA Mansard Pensions Limited was incorporated on 1 February 2005 as a private limited liability company. The Company’s name was changed to AXA Mansard Pensions Limited in June 2015 following the acquisition of the majority share holding of the Company by AXA Mansard Insurance plc. in January 2015. The Company’s principal activity continues to be the administration and management of Pension Fund Assets in line with the provisions of the Pension Reform Act 2014 and the relevant National Pension Commission circulars. Dividends During the year under review, the Directors declared and paid interim dividend in the sum of 3 Kobo per ordinary share on the issued capital of 10,500,000,000 Ordinary Share of 50 kobo each (net of dividend on treasury shares) subject to the appropriate Withholding tax deduction.
Operating Results The following is a summary of the Group and Company’s operating results: (in thousands of Nigerian Naira) Profit before tax
Group 31-Dec-2015
Group 31-Dec-2014
Parent 31-Dec-2015
Parent 31-Dec-2014
2,023,653
2,015,411
689,233
1,027,335
-
(80,877)
-
-
(361,472)
(397,276)
(223,134)
(386,880)
Profit after tax
1,662,181
1,537,257
466,099
640,454
Non Controlling Interest
(442,932)
(463,414)
-
-
Transfer to contingency reserve
(377,508)
(431,926)
(377,508)
(431,926)
310,212
700,000
310,212
700,000
Loss from discontinued operation Taxation
Dividend paid Earnings per share – Basic (in kobo)
11.81
10.74
4.52
6.40
Earnings per share – Diluted (in kobo)
11.72
10.65
4.48
6.35
3k
4k
3k
4k
Dividend per share - (in kobo)
2015 AXA Mansard Annual Report & Accounts
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