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AXA Mansard Insurance Plc has sustained its growth momentum in the 2025 financial year, recording a 22 per cent increase in gross insurance revenues to ₦160.56 billion, driven by strong renewals and broad-based expansion across its key business segments, particularly health insurance.
In its unaudited financial results for the year ended December 31, 2025, the Group reported solid top-line performance across Property and Casualty, Life and Savings, and Health businesses, reflecting the resilience of its operating model amid a challenging macroeconomic environment.
A breakdown of performance showed that Property and Casualty insurance revenue rose by 11 per cent to ₦68.48 billion from ₦61.88 billion in FY’24, while Life and Savings grew by 14 per cent to ₦25.77 billion from ₦22.56 billion.
The Health segment recorded the strongest growth, expanding by 40 per cent to ₦66.32 billion, compared with ₦47.23 billion in the previous year.
Despite the strong revenue growth, Profit Before Tax (PBT) declined sharply by 81 per cent to ₦6.12 billion from ₦31.69 billion in FY’24. However, the company noted that the decline was largely due to foreign exchange effects recorded in the prior year.
Commenting on the results, Mrs. Ngozi Ola-Israel, the chief financial officer, explained that FY’24 earnings benefited from a one-off foreign exchange gain of ₦27 billion, compared with a ₦0.9 billion foreign exchange loss in FY’25.
“Excluding this non-recurring FX impact, underlying profitability improved significantly, with adjusted profit before tax rising by 46 per cent year-on-year to ₦6.98 billion,” she said.
According to her, the performance reflects disciplined underwriting, sound risk management, and continued improvements in operational efficiency, despite elevated claims severity and frequency in the Property and Casualty and Health portfolios.
Also commenting, Mr. Kunle Ahmed, the chief executive officer, AXA Mansard Insurance Plc, said the Group maintained a strong financial position during the year, supported by robust premium growth, prudent capital management, and adequate liquidity.
He added that while inflationary pressures and higher claims affected margins, the company’s balance sheet and cash generation remained resilient.
On regulatory compliance, Ahmed noted that the Group’s unaudited FY’25 numbers position it to exceed the new minimum capital requirements under the NIIRA, with over ₦15 billion for non-life business and ₦10 billion for life business.
Looking ahead to FY’26, management said its focus would be on accelerating profitable growth, strengthening underwriting and claims discipline, deepening cost efficiency, and investing further in digital and data capabilities to enhance customer outcomes and long-term shareholder value.
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