The Women Tabloid Awards celebrate trailblazing women who are redefining success and challenging stereotypes across industries and geographies.

According to Rashidat Adebisi, Chief Client Officer, AXA Mansard Insurance Plc, the recognition of Ngozi is another testament to the remarkable role she and her team continue to play in the company’s success, despite the challenges of the dynamic operating environment.

“On behalf of the board and management, I congratulate our dear CFO. This is a well-deserved recognition. Under her leadership, we have achieved sustained financial growth, strengthened our market positioning, and enhanced corporate governance. Her visionary leadership was instrumental in the successful implementation of IFRS 17, reinforcing our commitment to transparency and global best practices,” Adebisi added.

Reacting to the award, Ola-Israel expressed her gratitude to Women Tabloid for the honour. She praised the organisers for going above and beyond to spotlight the incredible work and impact of women across sectors.

“My emergence as the 2025 CFO of the Year is further proof of AXA’s commitment to inclusive protection and to creating an environment where people are empowered to care and dare,” she said.

“I am incredibly grateful for the people I work with. Their collaboration and dedication have shaped this journey, culminating in this award. Recognition like this only happens when you’re surrounded by people who challenge you to be your best and support you through it all. This honour will fuel my resolve to continue giving my best, mentoring others, and creating opportunities that elevate women, the finance profession, and impactful leadership”.

With over a decade of dedicated service at AXA Mansard, Ngozi Ola-Israel began her journey as Group Head of Financial Control and rose to the position of CFO in 2017.

Under her leadership, the company surpassed its 2024 revenue targets by 32 percent and recorded a nearly 50 percent increase in share price.

She also served as Chief Data Officer from 2019 to 2024, leading enterprise-wide data transformation and strategy.

Her influence extends to board-level roles as a Non-Executive Director at AXA Mansard Investments and APD, where she contributes to governance and performance oversight.

Ngozi has led several transformative initiatives, including the development of KPI and premium financing dashboards, a car valuation model that improved claims integrity, a remote vehicle inspection tool, and a comprehensive value chain analysis that enhanced operational efficiency and customer experience.

Beyond finance, she is a passionate mentor and advocate for gender equity. Ngozi Ola-Israel founded the Finance Community at AXA Mansard to promote continuous learning and mentor aspiring women board members through WIMBIZ.

She also plays a key role in AXA Mansard’s sustainability agenda, embedding ESG strategies into operations and strategic planning.

Recognised as one of the Top 50 CFOs in Africa in 2024 and a member of the Harvard Business Review Advisory Council, Ngozi Ola-Israel is a respected voice in the finance community. She has spoken at major industry events, including the 2024 International Conference for Women in Insurance.

It said in a statement that Property and Casualty were down three per cent to ₦27 billion, Life and Savings rose by 49 per cent to ₦13.8 billion while Health rose by 22 per cent to ₦27.7 billion in December 2022.

Commenting on the results, Ngozi Ola-Israel (Mrs.), the Chief Financial Officer, AXA Mansard Insurance Plc, said “Despite the macroeconomic challenges the business faced in the 2022 financial year, the insurer was able to deliver strong double-digit revenue growth of 15 per cent YoY from ₦60.2 billion to ₦69.0 billion and net premium income growth of 24 per cent YoY from ₦37.1billion to ₦46.1billion. 

According to her, AXA Mansard has remained focused on its growth plan across business lines by delivering 49 per cent and 22 per cent growth on its Life and Health businesses respectively while the P&C 3 per cent decline was driven by a deliberate selection of risks to drive profitability. 

The decline of 42 per cent and 35 per cent respectively in the PBT and PAT is driven by the higher claims experience in the health portfolio as well as fair value losses on our investment property. 

“We made significant recoveries in the second quarter of 2022 with the health business moving from break-even to closing with profits of 0.3bn at the end of the year.

We have taken all necessary steps to strengthen our balance sheet and have set the right platform for continued profitability in 2023.”

– Ngozi Ola-Israel

Breakdown

Gross revenues: grew 15% YoY (69bn vs 60.2bn). Growth was driven by L&S (+49%) and Health (+22%) although P&C declines 3% owing to one-off impacts regarding a non-renewable transaction and a change in the timing of booking of another transaction in the CL P&C portfolio. Life volume acceleration is spurred by the fast onboarding of the new life savings product. 

Health volumes improve due to increased premiums and renewals for key commercial line clients.

P&C declines 3% YoY owing to the non-recurrence of premiums from commercial lines which declined 6% YoY (24.7bn vs 26.3bn). 

The decline, Ola-Israel said, is driven by shortfalls in the Engineering and marine portfolios while oil & energy remained flat. The engineering dip is driven by one-off unrenewable transactions in the prior year.

Commitment

She reiterated the Group’s commitment to ensuring improved performance through an improved distribution network, process automation, and client retention.

“L&S business grows 49% YoY driven by improved performance in the group life (+20%) and individual life businesses (+107%).

The life and savings business have experienced strong customer retention and sales drive from the launch of the new life savings product. Overall, improved agent productivity and digital footprint also contributed to the growth in revenues.

Total revenues improved 18% YoY, with higher management fees benefiting from improved 3rd party assets under management. AuMs for corporate clients grew 51% as client count grew by 21% leading to a 16% growth in 3rd party AuMs and a 6% growth in total AuMs

Overall, PBT declined by 42% YoY driven by the high claims experience in the health business. The Health business commenced recovery in H2 2022 and was able to deliver profits above N300mnat the end of the year.

“We have remained market leaders in the health segment with a strong focus on providing excellent customer experience while partnering with health providers. Growth in P&C (+23%) vs. LY is attributable to improved net premium income, investment income, and reduced claims. L&S grew 448% YoY due to improved revenue performance, investment income, and a strong drive for operational efficiency”, the AXA Mansard CEO explained.