The Managing Director of Mansard Insurance Plc, Mrs. Yetunde Ilorin has said that out of the N17.40 billion gross premium written by the company in 2014, oil and gas business remained the strongest contributor in the general business category achieving 28 per cent contribution to the company's premium.

This represents eight percent increase from 20 percent contribution made by the business segment to the gross written premium of the company in the previous year.

The oil and gas according to Ilorin was followed by motor and fire lines of business, which contributed 18 per cent and 25 per cent to the company's premium respectively during the period.

Ilorin who disclosed this at the 23rd annual general meeting (AGM) of the company held in Lagos recently, said motor and marine were other business lines that boosted the gross premium written by the company during the period as they contributed 12 and 16 per cent respectively to the net premium income of the company, which grew by 20 per cent during the period.

"Whilst motor appears to have the lowest growth of the three, it contributed the most 31 percent Net premium in the year", she noted.

She said non life claims from the company grew marginally by 1.57 per cent while according to all classes of business written by the company experienced a decline in net claims with the exception of motor business which grew the company's projections at about 12per cent.

The Mansard Insurance boss said the low claims experienced by the company during the period was in contrast to the high claims it experienced in 2013.

Speaking on total experience of the company in non life business Ilorin said: "We experienced a 36 per cent growth in underwriting results this year, underwritten results being underwritten income less expenses this growth was driven by motor, Oil, Energy, marine,and general accident classes of business which contributed 40 percent , 19 percent, 19 percent and 16 percent respectively to the general business underwriting results."

She said the life business gross premium written by the company grew by 32 per cent, a situation, which she said indicated full recovery from the slower growth of seven recent experienced in 2013.

Attributing this to the implementation of the no premium no cover policy the Mansard Insurance boss said growth in life gross premium written of the company was driven by group life and individual life classes of business.

"These classes grew by 33 percent,38 percent respectively and contributed 58 and 26 percent respectively", she stated.

According to her,premium income of the company in life business grew by 33 percent across classes.

"We had growth in group life of 33 percent, individual life at 45 percent and annuity at 18 percent.Group life dominated the contribution to the net premium income with a 45 percent contribution, individual life and annuity contributed 34 percent and 21 percent respectively, net claims grew by 44 percent driven by the group life class of business".

She said despite the numerous challenges faced by the company in its daily operations, it would stay focused on the opportunities for business success and charge itself with delivering unequalled value to all stakeholders.