AXA Mansard Insurance Plc, a member of the global AXA Group, has declared a strong financial performance for the half-year ended June 30, 2025, posting a 24 per cent year-on-year growth in insurance revenues to ₦81.15 billion under the new IFRS 17 reporting standards.
The company’s latest figures reflect broad-based growth across its three major business segments. Revenues from its Property & Casualty portfolio rose by 10% to ₦35.43 billion, Life & Savings climbed by 17% to ₦14.15 billion, while the Health segment recorded a remarkable 48% growth, reaching ₦31.58 billion.
Similarly, Gross Written Premiums (GWPs) grew by 23% to ₦115.31 billion, supported by double-digit expansion across all verticals. Property & Casualty premiums increased by 11% to ₦52.60 billion, Life & Savings grew by 18% to ₦16.78 billion, and Health premiums soared by 41% to ₦45.93 billion, underscoring strong demand for healthcare-related insurance solutions amid rising awareness and healthcare costs.
Speaking on the financial results, Mrs. Ngozi Ola-Israel, chief financial officer of AXA Mansard, noted that the company’s topline growth was driven by strong renewal rates and consistent traction from new business across key product lines.
“In HY 2025, we recorded a 24% year-on-year growth in insurance revenues, reinforced by strong renewal ratios and consistent traction from new businesses across our strategic product lines. This topline performance showcases the effectiveness of our distribution channels and the sustained relevance of our product suite in a dynamic operating business environment,” she said.
Despite the strong revenue performance, profit before tax came in at ₦7.73 billion, representing a 73% decline compared to the same period in 2024.
The company attributed this decline to the non-recurrence of significant foreign exchange gains recorded in the prior year.
However, when adjusted for the one-off FX impact, the underlying profit before tax would have shown a 72% growth, driven by disciplined underwriting and effective cost management.
Kunle Ahmed, chief executive officer of AXA Mansard Insurance, described the first-half results as a reflection of the insurer’s operational resilience and commitment to sustainable growth.
“We delivered a solid revenue performance in the first half of the year, a clear reflection of the strength of our core business. As we move into the second half of the year, we are committed to preserving margin resilience while positioning the business to capture emerging value-accretive opportunities across our markets,” Ahmed said.
He added that the company will continue to focus on quality growth, prudent risk management, and capital efficiency to navigate market challenges and deliver long-term value to shareholders.
“We remain confident in the fundamentals of our business and the growth potential within our market. By leveraging our technical expertise, advancing our digital agenda, and harnessing the collective efforts of our people, partners, and brokers, we are well-positioned to strengthen returns and deliver sustainable value to our shareholders,” he added.
The results reaffirm AXA Mansard’s position as one of Nigeria’s leading composite insurers and signal a continuation of its strategic priorities to expand market share, innovate product offerings, and deepen insurance penetration in Nigeria.
