AXA Mansard’s Nine-Month Profit Climbs 81% to N10.9bn
AXA Mansard Insurance Plc reported an 81 per cent rise in profit after tax to N10.9 billion for the nine months ended September 2026, supported by stronger underwriting results and growth across its insurance businesses.
Insurance revenue increased by 19 per cent to N143.1 billion, compared with N120.5 billion in the same period of 2025. Profit before tax more than doubled, rising 111 per cent to N12.9 billion from N6.1 billion.
The company’s insurance service results grew 86 per cent to N19.2 billion, up from N10.3 billion a year earlier. Gross written premiums also rose 18 per cent to N169.5 billion, with health representing the largest contribution.
Health premiums increased 33 per cent to N76.5 billion, while life and savings premiums grew 26 per cent to N27.6 billion. Property and casualty premiums rose two per cent to N65.4 billion.
Revenue gains were recorded across all three business lines. Health insurance revenue grew 24 per cent to N60.5 billion, as did life and savings revenue, which reached N24.1 billion. Property and casualty revenue increased 12 per cent to N58.6 billion.
Underwriting results improved most sharply in health, where insurance service results rose 119 per cent to N6.8 billion. The life and savings segment posted a 92 per cent increase to N3.8 billion, while property and casualty results grew 64 per cent to N8.7 billion. AXA Mansard attributed the latter’s improvement partly to a 13 per cent year-on-year decline in insurance service expenses.
Chief Financial Officer Ngozi Ola-Israel said the company maintained revenue growth across its businesses through new customer acquisition and improved retention. She added that higher underwriting and investment results contributed to the 81 per cent increase in profit after tax, while return on equity reached 17.8 per cent.
Ola-Israel said AXA Mansard would continue to prioritise disciplined underwriting, cost optimisation and balance sheet strength in the final quarter of the year.
Chief Executive Officer Kunle Ahmed said the results reflected ongoing confidence from customers and partners in the company’s diversified insurance portfolio. He also said AXA Mansard had met the new minimum capital requirements set by the National Insurance Commission (NAICOM) and was preparing for the regulator’s proposed risk-based capital requirements under the Nigerian Insurance Industry Reform Act 2025.
The company’s total assets increased 14 per cent to N260.7 billion, while shareholders’ funds rose 19 per cent to N62.5 billion.
Foreign exchange volatility remained a headwind. AXA Mansard recorded a N4.3 billion foreign exchange loss in the third quarter, compared with N2.3 billion in the corresponding period of 2025.
The results come as Nigeria’s insurance industry adjusts to higher minimum capital requirements introduced under NIIRA 2025, sharpening the focus on financial strength, underwriting capacity and risk management.
With the recapitalisation exercise completed, insurers face the challenge of converting stronger capital positions into greater risk-taking capacity, efficient claims settlement and sustainable growth in insurance penetration.
