AXA Mansard Insurance Plc has delivered an impressive performance for the 2025 financial year, reporting a 22% surge in insurance revenue to ₦160.56 billion. The results, released on the Nigerian Exchange, highlight the company’s steady expansion across its key business segments.
Strong Growth Across Core Segments
AXA Mansard’s growth wasn’t limited to one area—it was broad-based and strategic.
- Property & Casualty grew by 11% to ₦68.48 billion
- Life & Savings rose 14% to ₦25.77 billion
- Health insurance led the charge with a remarkable 40% jump to ₦66.32 billion
This strong performance reflects increased demand for insurance products in Nigeria, especially in the health segment where awareness continues to rise.
Premiums Climb as Customer Base Expands
The company’s Gross Written Premiums (GWP) climbed 23% to ₦170.87 billion, up from ₦138.55 billion in 2024.
This growth was driven by:
- Better customer retention
- New client acquisitions
- Expansion of distribution channels
Health premiums alone surged by 31%, showing a clear shift in consumer priorities toward healthcare coverage.
Profit Drop Isn’t What It Seems
Despite the strong revenue growth, profit before tax dropped sharply by 81% to ₦6.12 billion.
But according to CFO Ngozi Ola-Israel, this decline tells only part of the story.
In 2024, AXA Mansard recorded ₦27 billion in foreign exchange gains, while 2025 saw a ₦1 billion FX loss. Strip out this one-off effect, and the company’s underlying profit actually grew by about 50% year-on-year.
Solid Financial Position Despite Economic Pressures
Even with rising inflation and increased claims, AXA Mansard maintained a strong balance sheet:
- Total assets rose 18% to ₦227.94 billion
- Shareholders’ funds increased 11% to ₦52.3 billion
CEO Kunle Ahmed noted that the company remains well-positioned to meet Nigeria’s new insurance capital requirements.
No Dividend — A Strategic Move
In a move that reflects broader industry trends, AXA Mansard has chosen not to pay dividends for 2025.
Instead, the company is retaining earnings to:
- Strengthen capital reserves
- Prepare for regulatory changes
- Stay competitive in a rapidly evolving insurance landscape
Analysts say this aligns with the ongoing recapitalisation push in Nigeria’s insurance sector, which is expected to reshape the industry.
What’s Next for AXA Mansard?
Looking ahead, AXA Mansard plans to focus on:
- Stronger underwriting discipline
- Improved operational efficiency
- Expansion of digital insurance services
With rising demand and a solid financial base, the company appears well-positioned for sustainable long-term growth.
