The insurer, a member of the AXA Group, disclosed this in its audited financial results released in Lagos on Monday, showing broad-based expansion across its core business segments of Property & Casualty, Life & Savings, and Health.

Gross Written Premiums (GWP) rose by 23 per cent to ₦170.87 billion from ₦138.55 billion recorded in 2024, driven by improved customer retention, new business acquisitions, and expansion of its distribution network.

A breakdown of the performance shows that Property & Casualty revenues grew by 11 per cent to ₦68.48 billion, Life & Savings increased by 14 per cent to ₦25.77 billion, while the Health segment recorded the strongest growth, rising by 40 per cent to ₦66.32 billion.

Similarly, GWP in the Property & Casualty business climbed 20 per cent to ₦73.42 billion, while Life & Savings rose 15 per cent to ₦26.84 billion. Health premiums also expanded significantly by 31 per cent to ₦70.60 billion.

Speaking on the results, Ngozi Ola-Israel, the chief financial officer, said the company’s performance reflects strong execution and resilience across its diversified portfolio.

She noted that although Profit Before Tax (PBT) declined sharply by 81 per cent to ₦6.12 billion, compared to ₦31.69 billion in 2024, the drop was largely due to the absence of significant foreign exchange gains recorded in the prior year.

“In FY 2024, earnings were boosted by ₦27 billion in FX gains, compared to a ₦1 billion FX loss in 2025. Adjusting for this non-recurring impact, underlying profit would have grown by 50 per cent year-on-year,” she explained.

According to her, the Group maintained a solid financial position supported by strong premium growth, prudent capital management, and adequate liquidity buffers, even as rising claims and inflation weighed on margins.

Also commenting, Kunle Ahmed, the CEO, said the company delivered strong topline growth and stable underlying earnings despite cost pressures and global economic uncertainties.

He added that AXA Mansard’s 2025 audited results position it to exceed the new minimum capital requirements recently introduced under Nigeria’s insurance reform framework.

“In line with the new capital thresholds, our current financial position comfortably exceeds the ₦15 billion requirement for non-life business and ₦10 billion for life operations. To further strengthen capital buffers, the board has decided not to propose dividend payments for the 2025 financial year,” Ahmed said.

Industry analysts note that AXA Mansard’s decision to retain earnings aligns with a broader trend among Nigerian insurers repositioning ahead of recapitalisation requirements expected to reshape the competitive landscape.

The firm’s Insurance Service Result rose by 9 per cent to ₦14.87 billion, supported largely by a 65 per cent surge in earnings from the Property & Casualty segment. However, performance in the Life & Savings and Health segments moderated, declining by 4 per cent and 42 per cent respectively due to higher technical reserves and increased claims severity.

Operating expenses also rose during the period, with insurance service expenses increasing by 32 per cent, reflecting elevated claims across key portfolios, particularly in general accident and aviation businesses.

Despite the pressure on profitability, AXA Mansard’s balance sheet remained robust. Total assets grew by 18 per cent to ₦227.94 billion, while shareholders’ funds rose by 11 per cent to ₦52.3 billion, reinforcing its capital strength.

However, Profit After Tax dropped significantly by 98 per cent to ₦0.62 billion, impacted not only by FX-related effects but also by changes in tax regulations, including an increase in capital gains tax from 10 per cent to 30 per cent, which led to a one-off deferred tax adjustment.

From an industry perspective, analysts say the company’s performance mirrors wider trends in Nigeria’s insurance sector, where premium growth remains strong but profitability is increasingly influenced by macroeconomic headwinds, regulatory changes, and claims inflation.

The sharp contrast between revenue growth and bottom-line performance highlights the sector’s ongoing transition under IFRS 17 reporting standards, which place greater emphasis on underwriting discipline and earnings quality rather than one-off gains.

Experts also point to the rapid expansion of the health insurance segment as a key industry driver, fueled by rising healthcare costs, increased awareness, and corporate demand for employee health coverage.

Looking ahead, AXA Mansard said it would focus on strengthening underwriting discipline, enhancing operational efficiency, and deepening digital capabilities to drive sustainable growth.

Ahmed expressed optimism that as macroeconomic conditions stabilise and FX volatility eases, the company’s underlying earnings strength will become more evident.

“With a strong balance sheet, disciplined execution, and clear strategic priorities, we are well positioned to improve profitability and deliver long-term value to shareholders,” he said.

Market watchers believe insurers that successfully balance growth with cost control, capital adequacy, and innovation will emerge stronger as the industry enters a new phase of consolidation and regulatory tightening.

The company anticipates a profit after tax of N3.6 billion, slightly lower than the N6.7 billion recorded in H1 2025.

Despite the economic challenges in Nigeria, the insurance group’s revenue growth shows high demand for health, oil and gas, and fire insurance policies from businesses and corporations seeking to protect their assets.

AXA Mansard’s income is built on three major pillars:

Health Insurance: This is the biggest contributor, making up 38% of their business.

Oil and Gas: Accounting for 24%, showing their strong ties to Nigeria’s energy sector.

Fire Insurance: Coming in at roughly 10%.

Rising Costs vs. Growing Income

The group’s half-year forecasts project a lower profit forecast even when the company’s revenue is expected to advance due to the rising operational cost of doing business in Nigeria.

The Forecasted Expenses: 

Insurance Service Expenses: Expected to hit N62.8 billion as the company handles more policies and potential claims.

Operating Expenses: Estimated at N13.3 billion for the first half of the year.

Investment Income: The company expects to make N7.9 billion from its investments, a slight improvement from the N7 billion it made in 2025, but still far below the massive N26.7 billion it saw in early 2024.

After paying an estimated N638.4 million in taxes, the company expects to make a profit-after-tax of N3.6 billion.

AXA Mansard Stock Market Performance

• 2025 Success: The stock recorded 67% return last year.
• 2026 So Far: The group’s share price has already gained 11% so far this year, making it the 81st best-performing stock listed on the Nigerian Exchange Group (NGX).

AXA Mansard Insurance is the 66th most traded stock on the Nigerian Stock Exchange over the past three months.

The insurance group has traded a total volume of 159 million shares in 13,317 deals. The deals were valued at NGN 2.46 billion. The company has sold 2.52 million shares within the same period.

Price Movement

The stock hit a peak of N18.40 in February 2026 but has since cooled down to around N15.20 in March.

Despite the price dip, the volume of trading remains high, with over 152 million shares already exchanged this year, proving that investors still have a strong appetite for the stock.

AXA Mansard holds total assets of N228.2 billion and anticipates N31.2 billion in cash and bank balances by mid-2026.

The company’s cautious profit forecast shows higher costs of claims and reinsurance, while the double-digit revenue growth reveals a positive outlook for the insurance group.

The praises came on the hills of the organization’s Valentine’s Day campaign, where AXA Mansard, in partnership with Uzor Arukwe, paid surprise visits to some of its customers.

According to Mrs. Ojamomi, the gesture doesn’t just make her feel seen; it makes her feel heard and cared for.

She commented,

“AXA Mansard came around to show me this much love. I feel like someone sees me, someone cares for me, so thank you so much”.

On her part, Mrs. Akinyele, a beneficiary of the company’s Life Insurance, noted that the gesture is a reminder that she is not alone, thanking AXA Mansard for being a thoughtful and humane brand.

Another customer, Mrs. Mfonobong, couldn’t hold her excitement. On sighting the AXA Mansard and Odogwu team, she exclaimed, “AXA Mansard, you are the best!”

Torrents of commendations have also poured in on social media, with people acknowledging AXA Mansard for introducing another perspective on Valentine’s.

According to Your Abuja Doctor on X, he wrote, “As a medical doctor, I can honestly say that AXA Mansard HMO is not just an HMO, it’s the only HMO that cares about its clients. Kudos to them for being patient centered”.

Another X user, Frank Cutex, wrote:

“This video of AXA Mansard teaming up with a Nollywood actor to surprise their customers is easily the best thing you will watch today. The emotions are so real, and I could literally feel the love. That’s what a partner for life feels like”.

Thanking the customers for their commitment and patronage, Adebola Surakat, chief marketing officer, AXA Mansard, said the company is most grateful for the incredible partnership they have enjoyed.

She added,

“For us, this is more than just an initiative, it is another way we want to show that real people benefit from insurance, and AXA Mansard is not just an insurer who pays when life happens, but an insurance that’s thoughtful and partnering with you every step of life’s journey”.

 In a series of surprise visits, the company presented care packages, free health insurance coverage and personalised gestures to customers across Lagos, reinforcing its message that love extends beyond romance to protection and wellbeing.

Adding a touch of celebrity excitement, Nollywood actor Uzor Arukwe, popularly known as “Odogwu,” joined the initiative, engaging customers and sharing in moments that ranged from joyful to deeply personal.

Among those visited were two new mothers adjusting to early parenthood and a customer navigating a sensitive personal season. According to the company, the initiative was designed to demonstrate that care and protection remain central to its brand promise.

AXA Mansard said the outreach reflects its broader commitment to meeting customers at critical life moments, providing not only insurance solutions but tangible reassurance.

Beyond the Valentine engagement, the company also relaunched its “She Is In Charge” platform for the year, a community-driven initiative focused on empowering women to balance ambition, personal growth, and relationships.

The February edition centred on the theme of intentional living, encouraging women to pursue career goals, financial independence, and personal well-being without compromising on love and family aspirations.

As part of the storytelling segment, the platform featured a personal account from a female entrepreneur who navigated pressures within her marriage while scaling her business.

The story highlighted themes of communication, restructuring, and self-advocacy, underscoring the message that women do not have to choose between professional ambition and family life.

AXA Mansard said the combined initiatives reflect its evolving customer engagement strategy, one that blends financial protection with social impact and community building.

Founded as part of the global AXA Group, AXA Mansard provides life, health, and general insurance solutions, as well as investment management services, to individuals and businesses across Nigeria.

‎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 ₦68.48 billion from ₦61.88 billion in FY’24, while Life and Savings grew by 14 per cent to ₦25.77 billion from ₦22.56 billion.

The Health segment recorded the strongest growth, expanding by 40 per cent to ₦66.32 billion, compared with ₦47.23 billion in the previous year.

Despite the strong revenue growth, Profit Before Tax (PBT) declined sharply by 81 per cent to ₦6.12 billion from ₦31.69 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, Mrs. Ngozi Ola-Israel, the chief financial officer, explained that FY’24 earnings benefited from a one-off foreign exchange gain of ₦27 billion, compared with a ₦0.9 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 ₦6.98 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, Mr. Kunle Ahmed, the 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 ₦15 billion for non-life business and ₦10 billion for life business.

‎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.

He made this known during the MarTech Africa 2.0 conference held in Lagos recently.

Speaking during the Health Tech panel of the conference that had close to 500 marketing professionals, Ogunyooye noted that while marketing is fast integrating technology into its operations, Nigeria and most African markets are still at the nascent stage of the martech revolution.

“What we think we are doing with technology and AI and other techs in marketing today is nowhere close to what is possible when the full potential of tech is unleashed on our industry”, he noted. You only need to imagine what is possible when all our data becomes consolidated, when we truly have 5G in action, when our connected devices becomes marketing devices”.

“Imagine when a sick patients can call a doctor alexa, the doctor assigns the patient to the nearest diagnostic centre in the hospital network, the doctor recieves the patients report via EMR, the doctor prescribes medication, and the patients can have the medication delivered to her home and the patient can have follow up consultation through telemedicine. All these can be done with the patient’s privacy protected on a blockchain technology. And this is still scratching the surface in health tech”.

He said when the martech is fully integrated into the business environment, the evolving divides among the marketing functions will blur, noting that none of the digital marketing, growth marketing, tech marketing or any evolving marketing nomenclature can stand alone in the emerging marketing world.

“An ideal professional in the emerging marketing tech space will have above-average skills in the art of marketing, the science of data and the operations of technologies that can help accelerate marketing solutions. The people who should be worried about their jobs are those who won’t combine these three skills,” he said.

“I believe AI nor tech will not replace humans in marketing or any other field. But I must admit that they will reduce job opportunities as we know it, but create new jobs that we are not thinking about. For example, AI is already transforming content creation, media buying, customer segmentation, and even brand storytelling. What this means is that we might not need the number of people we used to need in these roles again. Take something like SEO, for instance; with the right level of technical prompt; AI can write better SEO content in terms of quality and quality. And when it comes to storytelling, you will agree with me that things are now really getting interesting. So it’s not that we won’t hire or promote content writers again; we don’t just need as much as we used to need to produce the number of articles or blog posts we used to produce”.

He said that rather than being afraid, feeling helpless, or resisting it, marketing professionals should seize the opportunity of this introductory stage of tech to upskill themselves.

He, however, warned about mistaking Martech for marketing strategy.

“Technology is not a strategy. It will only accelerate your strategy and make it more efficient. A bad message will remain bad even if you distribute it with the best digital media and target the audience with the most accurate real-time data. A terrible product that’s distributed to millions of customers through tech will kill the company faster.

This is why I believe tech will not replace humans in marketing. Tech can gather the data with amazing accuracy, AI can analyze the data at the speed of light, but humans will still need to test, validate and create solutions with the insights”.

Ogunyooye urged marketing professionals to see martech advancements as an opportunity to do more instead of a threat to their jobs.

He added that organizations should also prioritize training and capacity-building to ensure that their teams are AI-literate and equipped to leverage data-driven insights from tech solutions.

The company announced the appointment of several new directors who bring valuable expertise to the table.

These Non-Executive Directors, carefully selected in compliance with regulatory guidelines, will contribute to the company’s growth and reinforce its position as a trusted provider of insurance solutions.

The following distinguished individuals have been appointed as Non-Executive Directors:

Mr. Mariano Caballerro: With a wealth of experience spanning over two decades in the insurance industry, Mr. Caballerro brings a strong background in strategy and finance.

Currently serving as the Strategic Development Officer for AXA Africa, he has previously worked with Ernst & Young and Mazars, providing assurance and advisory services in the life insurance sector in Spain and the UK. He is a member of the Spanish Institute of Accountants and the Spanish Institute of Actuaries.

Ms. Melina Cotlar: Having amassed more than twenty years of experience specializing in actuarial and risk management, Ms. Cotlar assumes the role of Non-Executive Director.

She presently holds the position of Chief Risk Officer at AXA Madrid International Hub, and her prior engagements include working with PwC, where she managed the actuarial and risk management team.

Mr. Kola Adesina (Chairman): A prominent figure in various industries, Mr. Adesina is a seasoned entrepreneur with expertise spanning academia, insurance, finance, energy, trade, and diplomacy. He began his career in the insurance sector, showcasing exceptional selling skills and project management acumen.

Later, he joined the Sahara Group, a renowned energy conglomerate, where he significantly contributed to its growth through his remarkable sales and relationship management abilities.

Furthermore, Mr. Adesina has served on the Presidential Committee on the Accelerated Expansion of the Electricity Infrastructure in Nigeria, which led to the unbundling of PHCN’s successor companies. He currently holds positions on the boards of Sahara Group Ltd, Ikeja Electric, Egbin Power Plc, First Independent Power Ltd (FIPL), and Port Harcourt Electricity Distribution Company (PHEDC).

Mr. Adesina has been honored with the prestigious Member of the Order of the Federal Republic (MFR) award by President Muhammadu Buhari and is also a Fellow of the Nigerian Society of Engineers.

Accompanying these appointments is the designation of Chief Gbola Akinola, SAN, as the Non-Executive Director representing Minority Shareholders.

Chief Akinola is a highly respected arbitrator and practicing lawyer renowned for his extensive experience in corporate and commercial law. Admitted to practice as a solicitor and barrister of the Supreme Court of Nigeria in 1987, he has excelled as a skilled advocate and commercial legal advisor.

Chief Akinola was appointed as a Notary Public in May 1998, became an Associate of the Chartered Institute of Arbitrators in November 1999, and achieved the prestigious rank of Fellow of the Chartered Institute of Arbitrators in January 2000.

In recognition of his remarkable contributions, he was honored with the title of Senior Advocate of Nigeria in 2022.

These appointments represent AXA Mansard Insurance Plc’s commitment to strengthening its leadership team and furthering its mission to provide exceptional insurance services to its valued customers.