AXA MANSARD INSURANCE : AXA MANSARD - BOARD CHANGES

Lagos, July 6, 2023

AXA Mansard Insurance Plc,

AXA MANSARD ANNOUNCES CHANGES TO THE BOARD

This is to notify the Nigerian Exchange Limited (NGX) and the investing public of the following changes in the board of AXA Mansard Insurance Plc (the Company).

Resignation from the Board

Mr. Olusola Adeeyo, the Chairman of the Board announced his resignation from the Board at the Annual General Meeting of the Company held on the 14th of July 2022. The resignation became effective from the 16th of February 2023.

Mr. Adeeyo joined the Board of AXA Mansard Insurance Plc. in November 2009 as an Independent Non-Executive Director. He served as the Chairman of the Audit and Compliance Committee and also a member of the Board Governance, Remuneration, Establishment and General-Purpose Committee.

He assumed the role of Chairman on May 13, 2016, and has made significant contributions to the Board's strategic direction and the Company's growth. Under his leadership, the Company's turnover increased from N20 billion in 2016 to N69 billion in 2022. During his tenure as Chairman, AXA Mansard Health, the health insurance (HMO) subsidiary of AXA Mansard Insurance Plc attained the top position in the health insurance industry, and AXA Mansard Investments Limited another subsidiary of AXA Mansard Insurance successfully launched its mutual funds, which now ranks among the largest non-bank mutual funds in Nigeria.

The Board and Management of the Company commend Mr. Sola Adeeyo for his positive contribution and service to the growth of the Company during his tenure on the Board.

Appointment to the Board

The Company in accordance with Section 274 of the Companies and Allied Matters Act 2020, appointed the following Non-Executive Directors and their appointments have been approved by the National Insurance Commission. The Directors are:

Profile of Appointed Directors

A Summary of the profile of each new Director is stated below:

Mr. Kola Adesina

Mr. Adesina is a consummate entrepreneur with experience in academia, insurance, finance, energy, trade, and diplomacy. He started his career in the insurance industry, selling insurance to businesses across different sectors in Nigeria.

After working in the Insurance industry, he joined Sahara Group where his selling skills and exceptional project and relationship management acumen enhanced the growth of the energy conglomerate.

Mr. Adesina also served as a member of the Presidential Committee on the Accelerated Expansion of the Electricity Infrastructure in Nigeria, which culminated in the unbundling of PHCN successor companies. He sits on the Board of Sahara Group Ltd, Ikeja Electric, Egbin Power Plc, First Independent Power Ltd (FIPL) and Port Harcourt Electricity Distribution Company (PHEDC).

He was awarded Member of the Order of the Federal Republic (MFR) by President Muhammadu Buhari and is also a Fellow of the Nigerian Society of Engineers.

He is the proposed Chairman, Non-Executive Director of AXA Mansard Insurance plc.

Chief Gbola Akinola, SAN

Chief Akinola is an experienced arbitrator and practicing lawyer with considerable experience in corporate and commercial law and a highly skilled advocate with extensive commercial legal advisory experience.

He was called to the Nigerian Bar in 1987 and admitted to practice as a solicitor and barrister of the Supreme Court of Nigeria. He is an experienced arbitrator and practicing lawyer with considerable experience in corporate and commercial law and a highly skilled advocate with extensive commercial legal advisory experience.

He was appointed a Notary Public in May 1998, admitted as an Associate of the Chartered Institute of Arbitrators in November 1999 and became a Fellow of the Chartered Institute of Arbitrators in January 2000. He was appointed a Senior Advocate of Nigeria in 2022.

He is proposed as a Non-Executive Director representing Minority Shareholders in accordance with the NAICOM Guideline on Code of Corporate Governance 2021.

Mr. Mariano Caballero

Mr. Mariano Caballero has over two decades of experience with a background in strategy and finance in the insurance industry. He is currently the Strategic Development Officer for AXA Africa. Prior to this he worked with Ernst & Young and Mazars providing assurance and advisory services for the life insurance industry in Spain and UK. He is a member of the Spanish Institute of Accountants and also a member of the Spanish Institute of Actuaries.

He is being proposed for election as a Non-Executive Director of AXA Mansard Insurance plc.

Ms. Melina Cotlar

Ms. Melina Cotlar has over two decades of experience with a background in actuarial and risk management. She is currently the Chief Risk Officer at AXA Madrid International Hub. Prior to this she worked with PwC managing the actuarial and risk management team.

She is being proposed for election as a Non-Executive Director of AXA Mansard Insurance plc.

for: AXA MANSARD INSURANCE PLC

OMOWUNMI MABEL ADEWUSI

Company Secretary