By Taiye Olayemi
AXA Mansard Insurance Plc says it has reported a 22 per cent increase in gross insurance revenue to N160.56 billion in its 2025 financial year.
The company in a statement on Monday said this was driven largely by strong renewals and broad-based growth across its business segments, with health insurance leading the expansion.
This is according to the company’s unaudited results for the year ended December 31, 2025.
The company said Property and Casualty revenue rose by 11 per cent to N68.48 billion from N61.88 billion in 2024, while Life and Savings grew by 14 per cent to N25.77 billion from N22.56 billion.
The Health segment recorded the highest growth, rising 40 per cent to N66.32 billion from N47.23 billion the previous year.
In spite the strong revenue performance, Profit Before Tax (PBT) fell sharply by 81 per cent to N6.12 billion from N31.69 billion in 2024.
However, the company noted that the decline was largely due to foreign exchange effects recorded in the prior year.
Commenting on the results, the Chief Financial Officer, Mrs Ngozi Ola-Israel, explained that the 2024 financial year earnings benefited from a one-off foreign exchange gain of N27 billion, compared with a N0.9 billion foreign exchange loss in the 2025 financial year.
“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 reflected disciplined underwriting, sound risk management, and continued improvements in operational efficiency.
She said this is in spite elevated claims severity and frequency in the Property and Casualty and Health portfolios.
Also commenting, the Chief Executive Officer, AXA Mansard Insurance Plc, Mr Kunle Ahmed, said the Group maintained a strong financial position during the year, supported by robust premium growth, prudent capital management, and adequate liquidity.
He said 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 2025 financial year 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.
Looking ahead to 2026 financial year, Ahmed said AXA Mansard’s management 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
