AXA Mansard grows by revenue 22% to N160.56bn

AXA Mansard Insurance Plc has reported a robust 22 per cent increase in insurance revenues, reaching N160.56bn for the financial year ended 31 December 2025. The results, released in Lagos, underscore the insurer’s resilience in a macroeconomic environment characterised by heightened inflationary pressures and foreign exchange volatility.

The growth was broad-based across the Group’s core segments, with Gross Written Premiums rising 23 per cent to N170.87bn. The performance was particularly bolstered by a 40 per cent surge in the health insurance segment, alongside steady gains in Property & Casualty and Life & Savings operations.

Commenting on the financial performance, the Chief Financial Officer of AXA Mansard, Ngozi Ola-Israel, said, “Our performance reflects strong execution and resilience across our diversified portfolio.

While Profit Before Tax declined to N6.12bn, this was largely due to the absence of the significant foreign exchange gains recorded in 2024. Adjusting for this non-recurring impact, our underlying profit would have grown by 50 per cent year-on-year.”

Despite the impressive topline growth, the insurer faced significant bottom-line pressure. Profit After Tax dropped to N0.62bn, impacted by a N1bn FX loss compared to a N27bn gain in the previous year, as well as an increase in capital gains tax from 10 per cent to 30 per cent.

Addressing the strategic direction of the company amid these headwinds, the leadership emphasised that the firm’s focus remains on long-term stability and capital preservation.

Similarly, the Chief Executive Officer of AXA Mansard, Kunle Ahmed, said, “We delivered strong topline growth and stable underlying earnings despite cost pressures and global economic uncertainties. Our current financial position comfortably exceeds the new minimum capital requirements of N15bn for non-life and N10bn for life operations. To further strengthen these buffers, the board has decided not to propose dividend payments for the 2025 financial year.”

The company’s asset base grew 18 per cent to N227.94bn, while shareholders’ funds rose to N52.3bn, reinforcing its capital strength ahead of the industry-wide recapitalisation exercise. The CEO expressed optimism that the company is well-positioned to navigate the evolving regulatory landscape.

“With a strong balance sheet, disciplined execution, and clear strategic priorities, we are well positioned to improve profitability and deliver long-term value to shareholders as macroeconomic conditions stabilise and FX volatility eases,” Ahmed added.

Market analysts noted that AXA Mansard’s decision to retain earnings aligns with a broader trend of Nigerian insurers repositioning to meet stricter capital thresholds. The results also highlight the rapid expansion of the health insurance sector, which has become a critical revenue driver as corporate demand for employee coverage continues to rise across the country.