AXA Mansard Insurance Records 22% Revenue Growth to ₦160 Billion Despite Macroeconomic Headwinds

AXA Mansard reports a 22% rise in 2025 insurance revenue to ₦160.56 billion, driven by Health and P&C growth, while retaining earnings for recapitalization.

By: AXL Media

Published: Apr 15, 2026, 7:25 AM EDT

Source: Information for this report was sourced from The Sun Nigeria.

Strong Topline Performance Amidst Volatility

AXA Mansard Insurance Plc has demonstrated significant market resilience, reporting insurance revenues of ₦160.56 billion for the 2025 fiscal year. This 22% increase from the previous year highlights the company’s ability to maintain growth momentum despite a challenging Nigerian economy characterized by high inflation and currency fluctuations. Gross Written Premiums (GWP) also saw a robust 23% rise, reaching ₦170.87 billion, driven by high customer retention and the successful acquisition of new business across its diversified distribution networks.

Segmented Growth Drivers

The company’s growth was broad-based, with the Health segment emerging as the standout performer, recording a 40% revenue increase to ₦66.32 billion. Property & Casualty revenues grew by 11% to ₦68.48 billion, while the Life & Savings segment saw a 14% rise to ₦25.77 billion. Chief Financial Officer Ngozi Ola-Israel noted that these figures reflect the strong execution of the Group’s strategy across its various portfolios, even as claims inflation began to weigh on overall margins.

Profitability Impacted by FX and Tax Adjustments

Despite the revenue surge, Profit Before Tax (PBT) fell by 81% to ₦6.12 billion. Management clarified that this decline was primarily due to the exhaustion of foreign exchange gains that had inflated 2024 earnings; 2024 saw ₦27 billion in FX gains, whereas 2025 recorded a ₦1 billion FX loss. Furthermore, Profit After Tax plummeted 98% to ₦0.62 billion, a result exacerbated by a one-off deferred tax adjustment following the increase of capital gains tax from 10% to 30%. Ola-Israel emphasized that when adjusting for these non-recurring items, underlying profit actually grew by 50%.