AXA Mansard Records 22% Insurance Revenue Growth in FY’25 as Health Segment Outpaces Others
AXA Mansard Insurance Plc has maintained its growth trajectory in the 2025 financial year, recording a 22 percent increase in gross insurance revenue to ₦160.56 billion. This growth was primarily fueled by strong renewal rates and broad-based expansion across its key business segments, with the health insurance division leading the charge.
In its unaudited financial results for the year ending December 31, 2025, the Group demonstrated solid top-line performance across Property and Casualty, Life and Savings, and Health segments, showcasing the resilience of its operating model amid a challenging macroeconomic environment.
A detailed breakdown of the performance revealed that Property and Casualty insurance revenue grew by 11 percent to ₦68.48 billion from ₦61.88 billion in FY’24, while the Life and Savings segment increased by 14 percent to ₦25.77 billion from ₦22.56 billion. The Health segment experienced the most significant growth, surging by 40 percent to ₦66.32 billion from ₦47.23 billion in the previous year.
Despite the robust revenue growth, Profit Before Tax (PBT) declined sharply by 81 percent to ₦6.12 billion from ₦31.69 billion in FY’24. The company attributed this decline mainly to foreign exchange effects recorded in the prior year.
Commenting on the results, Chief Financial Officer Mrs. Ngozi Ola-Israel 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 percent year-on-year to ₦6.98 billion,” she stated.
She further noted that the performance reflects disciplined underwriting, sound risk management, and ongoing improvements in operational efficiency, despite elevated claims severity and frequency in the Property and Casualty and Health portfolios.
Also commenting, AXA Mansard’s CEO Mr. Kunle Ahmed noted that the Group maintained a strong financial position throughout the year, supported by robust premium growth, prudent capital management, and adequate liquidity. He added that although inflationary pressures and higher claims affected margins, the company’s balance sheet and cash flow remained resilient.
Regarding regulatory compliance, Ahmed stated 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 emphasized its focus on accelerating profitable growth, strengthening underwriting and claims discipline, deepening cost efficiencies, and investing further in digital and data capabilities to improve customer outcomes and long-term shareholder value.