AXA Mansard Insurance Plc, part of the global AXA Group, has reported robust financial results for the first half of 2025, with insurance revenues rising by 24% year-on-year to ₦81.15 billion, according to the new IFRS 17 standards.
The company’s revenue growth was broad-based, driven by all three core business segments. Property & Casualty (P&C) revenue increased by 10% to ₦35.43 billion, Life & Savings grew by 17% to ₦14.15 billion, and the Health segment recorded an impressive 48% jump, reaching ₦31.58 billion.
Supporting this revenue expansion, Gross Written Premiums (GWP) rose by 23%, reaching ₦115.31 billion. All verticals experienced double-digit growth: P&C premiums grew by 11% to ₦52.60 billion, Life & Savings premiums increased by 18% to ₦16.78 billion, and Health premiums surged by 41% to ₦45.93 billion. This trend underscores increasing demand for healthcare insurance amid rising healthcare costs and heightened awareness.
Mrs. Ngozi Ola-Israel, the Chief Financial Officer of AXA Mansard, attributed the revenue growth to strong renewal rates and steady traction from new business across key product lines. She emphasized, “Our 24% year-on-year revenue growth in HY 2025 reflects the effectiveness of our distribution channels and the sustained relevance of our product offerings in a dynamic market environment.”
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However, profit before tax stood at ₦7.73 billion, representing a 73% decline compared to the same period in 2024. The company explained that this decrease was primarily due to the absence of significant foreign exchange gains recorded in the prior year. When adjusted for this FX impact, underlying profit before tax would have shown a 72% increase, driven by disciplined underwriting practices and cost management.
Kunle Ahmed, CEO of AXA Mansard, described the results as a testament to the company’s operational resilience and commitment to sustainable growth. “Our solid revenue performance underscores the strength of our core business.
Moving forward, we will focus on maintaining margin resilience, capturing emerging opportunities, and delivering long-term value to our shareholders,” he stated.
He further emphasized the company’s strategic focus on quality growth, prudent risk management, and capital efficiency to navigate market challenges. “By leveraging our technical expertise, advancing our digital initiatives, and harnessing the collective efforts of our teams, partners, and brokers, we are well-positioned to enhance returns and sustain long-term value,” Ahmed added.
Overall, these results reinforce AXA Mansard’s standing as one of Nigeria’s leading composite insurers, highlighting its strategic priorities to expand market share, innovate product offerings, and deepen insurance penetration across Nigeria.
