AXA Mansard Grows Revenue By 22% To N160.6bn In 2025

AXA Mansard Insurance Plc has reported a 22 per cent increase in insurance revenues to N160.56 billion for the financial year ended December 31, 2025.

The insurer, a member of the AXA Group, disclosed this in its audited financial results released on the Nigerian Exchange, showing broad-based expansion across its core business segments of Property & Casualty, Life & Savings, and Health.

Gross Written Premiums (GWP) rose by 23 per cent to N170.87 billion from N138.55 billion recorded in 2024, driven by improved customer retention, new business acquisitions, and expansion of its distribution network.

A breakdown of the performance shows that Property & Casualty revenues grew by 11 per cent to N68.48 billion, Life & Savings increased by 14 per cent to N25.77 billion, while the Health segment recorded the strongest growth, rising by 40 per cent to N66.32 billion.

Similarly, GWP in the Property & Casualty business climbed 20 per cent to N73.42 billion, while Life & Savings rose 15 per cent to N26.84 billion. Health premiums also expanded significantly by 31 per cent to N70.60 billion.

Speaking on the results, chief financial officer, AXA Mansard Insurance, Ngozi Ola-Israel, said the company’s performance reflects strong execution and resilience across its diversified portfolio.

She noted that although profit before tax declined sharply 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 explained.

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 commenting, chief executive officer, AXA Mansard Insurance, Kunle Ahmed, said the company delivered strong topline growth and stable underlying earnings despite cost pressures and global economic uncertainties.

He added that AXA Mansard’s 2025 audited results position it to exceed the new minimum capital requirements recently introduced 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,” Ahmed said.

Industry analysts noted that AXA Mansard’s decision to retain earnings aligns with a broader trend among Nigerian insurers repositioning ahead of recapitalisation requirements expected to reshape the competitive landscape.

Despite the pressure on profitability, AXA Mansard’s balance sheet remained robust. Total assets grew by 18 per cent to N227.94 billion, while shareholders’ funds rose by 11 per cent to N52.3 billion, reinforcing its capital strength.

Looking ahead, AXA Mansard said it would focus on strengthening underwriting discipline, enhancing operational efficiency, and deepening digital capabilities to drive sustainable growth.