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By Henry Uche
AXA Mansard Insurance has maintained that despite the murky business environment that characterised 2025, its sound risk management, continued improvements in operational efficiency and disciplined underwriting set it apart in its financial operations.
The Underwriter affirmed that despite elevated claims severity and frequency in the Property and Casualty and Health portfolios, it grew insurance revenue by 22% to N160.6bn in FY’25, with health segment leading.
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.
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 2024.
Commenting on the results, the Chief Financial Officer, Mrs. Ngozi Ola-Israel, 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.
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 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.
Looking ahead to FY’26, he averred that the company would focus 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.
Meanwhile, some policyholders speaking anonymously poked Axa Mansard, saying, “We understand the market environment is not friendly, at the same time highly competitive, however we expect nothing less this year 2026. You must up your game and deliver stronger results, trust and confidence in insurance remains big challenges, you can earn more market shares by proving beyond any iota of doubt that insurance works when you do exactly what you said and even more” they maintained.
