Under the new IFRS 17 reporting standards, AXA Mansard Insurance Plc, a part of the global AXA Group, reported a strong financial performance for the half-year ended June 30, 2025, with insurance revenues growing by 24% year-on-year to ₦81.15 billion.
Each of the company’s three primary business divisions has seen significant growth, according to its most recent financial results. Revenue increased by 10% to ₦35.43 billion for its Property & Casualty portfolio, 17% to ₦14.15 billion for Life & Savings, and an incredible 48% to ₦31.58 billion for the Health segment.
Similarly, double-digit growth in every vertical helped Gross Written Premiums (GWPs) increase by 23% to ₦115.31 billion. In light of growing awareness and healthcare costs, there is a strong demand for insurance solutions related to healthcare, as evidenced by the 11% increase in property and casualty premiums to ₦52.60 billion, the 18% growth in life and savings to ₦16.78 billion, and the 41% increase in health premiums to ₦45.93 billion.
Speaking about the financial results, AXA Mansard’s Chief Financial Officer, Mrs. Ngozi Ola-Israel, stated that the company’s topline growth was fueled by consistent traction from new business across key product lines and strong renewal rates.
According to her: “In HY 2025, we recorded a 24% year-on-year growth in insurance revenues, reinforced by strong renewal ratios and consistent traction from new businesses across our strategic product lines. This topline performance showcases the effectiveness of our distribution channels and the sustained relevance of our product suite in a dynamic operating business environment.”
Continuing, profit before taxes was ₦7.73 billion, a 73% decrease from the same period in 2024, despite the strong revenue performance. The non-recurrence of the substantial foreign exchange gains from the previous year was the company’s explanation for this decline. However, disciplined underwriting and efficient cost control would have led to a 72% increase in the underlying profit before taxes when the one-time foreign exchange impact was taken into account.
According to AXA Mansard Insurance CEO, Kunle Ahmed, the insurer’s operational resilience and dedication to sustainable growth are demonstrated by the first-half results.
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He had this to say: “We delivered a solid revenue performance in the first half of the year, a clear reflection of the strength of our core business. As we move into the second half of the year, we are committed to preserving margin resilience while positioning the business to capture emerging value-accretive opportunities across our markets.”
He went on to say that to overcome market obstacles and provide shareholders with long-term value, the company will keep concentrating on quality growth, careful risk management, and capital efficiency. He stated: “We remain confident in the fundamentals of our business and the growth potential within our market. By leveraging our technical expertise, advancing our digital agenda, and harnessing the collective efforts of our people, partners, and brokers, we are well-positioned to strengthen returns and deliver sustainable value to our shareholders.”
BrandSpur news brand reports that the findings confirm the company’s standing as one of the top composite insurers in Nigeria and indicate that the company will continue to pursue its strategic goals of growing its market share, developing new products, and increasing insurance penetration in the country.
