AXA Mansard Insurance has recorded a 22 per cent increase in insurance revenue to N160.56 billion for the financial year ended Dec. 31, 2025 in spite of a sharp decline in profit driven by foreign exchange (FX) volatility.
The company disclosed this in its 2025 audited financial results released on Wednesday in Lagos.
The financial results indicated sustained growth across its core business segments amid a challenging macroeconomic environment.
Gross Written Premium (GWP) rose by 23 per cent to N170.87 billion from N138.55 billion in 2024, supported by improved customer retention, new business acquisition and expansion of its distribution network.
A breakdown of the results showed that Property and Casualty revenue grew by 11 per cent to N68.48 billion, while Life and Savings increased by 14 per cent to N25.77 billion.
The Health segment posted the strongest growth, rising by 40 per cent to N66.32 billion.
Similarly, GWP in Property and Casualty climbed by 20 per cent to N73.42 billion, while Life and Savings rose by 15 per cent to N26.84 billion.
Health premiums also grew by 31 per cent to N70.60 billion.
Speaking on the results, Chief Financial Officer, AXA Mansard Insurance, Ms Ngozi Ola-Israel, said the company’s performance reflected strong execution and resilience across its diversified portfolio.
She noted that Profit Before Tax (PBT) declined by 81 per cent to N6.12 billion, compared to N31.69 billion in 2024.
“The drop was largely due to the absence of significant foreign exchange gains recorded in the prior year.
“In FY 2024, earnings were boosted by N27 billion in FX gains, compared to a N1 billion FX loss in 2025. Adjusting for this non-recurring impact, underlying profit would have grown by 50 per cent year-on-year,” she said.
According to her, the group maintained a solid financial position supported by strong premium growth, prudent capital management and adequate liquidity buffers, even as rising claims and inflation weighed on margins.
Also, its Chief Executive Officer, Mr Kunle Ahmed, said the company delivered strong topline growth and stable underlying earnings despite cost pressures and global economic uncertainties.
He added that the company’s 2025 audited results position it to exceed the new minimum capital requirements under Nigeria’s insurance reform framework.
“In line with the new capital thresholds, our current financial position comfortably exceeds the N15 billion requirement for non-life business and N10 billion for life operations.
“To further strengthen capital buffers, the board has decided not to propose dividend payments for the 2025 financial year,” he said.
Ahmed expressed optimism that as macroeconomic conditions stabilise and FX volatility eases, the company’s underlying earnings strength will become more evident.
“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,” he said.
The firm’s Insurance Service Result rose by nine per cent to N14.87 billion, supported largely by a 65 per cent surge in earnings from the Property and Casualty segment.
However, performance in the Life and Savings and Health segments moderated, declining by four per cent and 42 per cent respectively due to higher technical reserves and increased claims severity.
Operating expenses also rose during the period, with insurance service expenses increasing by 32 per cent, reflecting elevated claims across key portfolios, particularly in general accident and aviation businesses.
In spite of the pressure on profitability, the company’s balance sheet remained robust, with total assets growing by 18 per cent to N227.94 billion, while shareholders’ funds rose by 11 per cent to N52.3 billion.
Profit After Tax dropped by 98 per cent to N0.62 billion, impacted by FX-related effects and changes in tax regulations, including an increase in capital gains tax from 10 per cent to 30 per cent, which led to a one-off deferred tax adjustment.
The company noted that the sharp contrast between revenue growth and bottom-line performance reflects the ongoing transition under IFRS 17 reporting standards, which emphasise underwriting discipline and earnings quality over one-off gains.
