By David Akinmola
AXA Mansard Insurance Plc strengthened its market position in 2025, growing gross insurance revenue by 22 per cent to ₦160.56 billion, as surging demand for health insurance offset a tougher operating environment and moderated earnings volatility.
Unaudited results for the year ended December 31, 2025, show that growth was broad-based across the insurer’s core business lines, with the health segment emerging as the key driver. Health insurance revenue rose by 40 per cent to ₦66.32 billion from ₦47.23 billion a year earlier, reflecting stronger enrolments and renewals amid rising healthcare costs.
Property and Casualty insurance posted an 11 per cent increase to ₦68.48 billion, up from ₦61.88 billion in 2024, while Life and Savings expanded by 14 per cent to ₦25.77 billion from ₦22.56 billion.
Despite the strong top-line performance, profit before tax fell by 81 per cent to ₦6.12 billion from ₦31.69 billion in the prior year, largely due to foreign exchange movements. The company said the comparison was distorted by a one-off ₦27 billion foreign exchange gain recorded in 2024, compared with a ₦0.9 billion foreign exchange loss in 2025.
Chief Financial Officer, Ngozi Ola-Israel, said excluding the non-recurring FX impact, underlying performance was stronger than headline numbers suggested. “Adjusted profit before tax rose by 46 per cent year-on-year to ₦6.98 billion, reflecting disciplined underwriting, improved efficiency and sound risk management,” she said.
She added that elevated claims severity and frequency, particularly in the Property and Casualty and Health portfolios, continued to pressure margins, but were being managed through tighter controls.
Chief Executive Officer, Kunle Ahmed, said the group remained financially resilient, supported by robust premium growth, prudent capital management and strong liquidity. According to him, inflationary pressures and higher claims affected profitability, but the company’s balance sheet and cash generation capacity remained solid.
On regulatory preparedness, Ahmed said AXA Mansard’s 2025 performance positions it comfortably to meet and exceed the new minimum capital thresholds under the Nigerian Insurance Industry Reform Act (NIIRA), with over ₦15 billion for non-life business and ₦10 billion for life operations.
Looking ahead, the insurer said its priorities for 2026 include accelerating profitable growth, strengthening underwriting and claims discipline, deepening cost efficiency and expanding digital and data-driven capabilities to improve customer experience and long-term shareholder value.
