AXA Mansard records 22% revenue jump as health business gains momentum

AXA Mansard Insurance Plc has sustained its growth momentum in the 2025 financial year, recording a 22 percent increase in gross insurance revenues to N160.56 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 N68.48 billion from N61.88 billion in FY’24, while Life and Savings grew by 14 per cent to N25.77 billion from N22.56 billion.

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The Health segment recorded the strongest growth, expanding by 40 per cent to N66.32 billion, compared with N47.23 billion in the previous year.

‎Despite the strong revenue growth, Profit Before Tax (PBT) declined sharply by 81 per cent to N6.12 billion from N31.69 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, Ngozi Ola-Israel, the chief financial officer, explained that FY’24 earnings benefited from a one-off foreign exchange gain of N27 billion, compared with a N0.9 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 N6.98 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, Kunle Ahmed, 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 N15 billion for non-life business and N10 billion for life business.

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‎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.

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd.

A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia.

Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.

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