AXA Mansard Insurance Plc has reported a 22 percent increase in gross insurance revenue for the 2025 financial year, reaching ₦160.56 billion, driven largely by robust growth in its health insurance segment. The company’s unaudited results for the year ending December 31, 2025, highlight broad-based expansion across key business lines, including Property and Casualty, Life and Savings, and Health, reflecting the resilience of its operating model amid a challenging economic environment.
Brandspur Banking News Desk notes that the health insurance division was the standout performer, surging 40 percent to ₦66.32 billion from ₦47.23 billion in 2024. Meanwhile, the Property and Casualty segment grew 11 percent to ₦68.48 billion, and Life and Savings increased 14 percent to ₦25.77 billion, demonstrating strong contributions from all business areas.
Despite the impressive top-line growth, Profit Before Tax (PBT) fell sharply by 81 percent to ₦6.12 billion, compared with ₦31.69 billion in FY’24. Chief Financial Officer, Mrs. Ngozi Ola-Israel, explained that FY’24 benefited from a one-off foreign exchange gain of ₦27 billion, whereas FY’25 recorded a foreign exchange loss of ₦0.9 billion. “Excluding these non-recurring FX effects, underlying profitability improved significantly, with adjusted PBT rising 46 percent year-on-year to ₦6.98 billion,” she stated.
Mrs. Ola-Israel added that disciplined underwriting, effective risk management, and enhanced operational efficiency underpinned the company’s performance, despite increased claims frequency and severity in the Property and Casualty and Health portfolios.
AXA Mansard’s Chief Executive Officer, Mr. Kunle Ahmed, highlighted that the company maintained a strong financial position throughout the year, supported by robust premium growth, prudent capital management, and adequate liquidity. He acknowledged that inflationary pressures and rising claims had some impact on margins but emphasised that the group’s balance sheet and cash flow remained resilient.
In addition, Mr. Ahmed noted that the group’s FY’25 performance positions it well to meet the new minimum capital requirements under the National Insurance Industry Regulations and Rules (NIIRA), with over ₦15 billion for non-life and ₦10 billion for life insurance business.
Looking ahead to 2026, management is prioritising accelerated profitable growth, strengthening underwriting and claims discipline, deepening cost efficiencies, and investing in digital and data capabilities to enhance customer experience and deliver long-term shareholder value.
AXA Mansard’s results underline the company’s ability to grow revenue consistently, even when macroeconomic pressures and one-off costs affect headline profitability. The strong performance of the health segment signals growing demand for health insurance solutions in Nigeria, positioning the company for continued expansion in the sector.
