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AXA Mansard, the Nigerian subsidiary of French insurance giant, AXA, has reported that its after-tax profits rose 8 percent year-on-year for the full year ended December 31, 2015.

According to the company’s audited financial statements released at the Nigerian Stock Exchange on Thursday, after-tax profits rose to N1.66 billion in 2015, compared to N1.54 billion reported in 2014. AXA Mansard’s gross premium fell 5 percent to N16.57 billion in 2015, compared to N17.4 billion in 2014.

In the 2015 full year, the company’s profit on underwriting fell 12 percent year-on-year. Underwriting profit fell to N2.99 billion in 2015, compared to N3.38 billion in 2014.

However, total profits were boosted by its income from investments, which rose 28 percent year-on-year from N4.59 billion in 2015, compared to N3.6 billion reported in the previous year.

AXA Mansard said earnings per share rose to N11.81 in 2015 as against N10.74 in 2014. For the 2015 full year, the company has proposed a dividend of 2 kobo per share (adding an interim dividend of 3 kobo per share, bring total dividend to 5 kobo per share).

In 2014, Paris-based AXA paid $246 million to acquire 77 percent of Mansard Insurance Plc, which was formed following a management-buyout of Guaranty Trust Assurance in 2012.

According to the National Insurance Commission, AXA Mansard is the third largest insurance company in Nigeria with a market share of 11.35 percent as of 2014 (Leadway Assurance is the largest operator in the sector with 33.73 percent market share, while Aiico Insurance is the second largest with 17.77 percent market share).

As of 2014, the total gross premiums in Nigeria’s insurance industry stood at N127.51 billion.