AXA Mansard Reports 22% Revenue Surge to N160.6 Billion While Navigating Foreign Exchange Headwinds

AXA Mansard reports 22% insurance revenue growth in 2025. CEO Kunle Ahmed confirms capital strength exceeds new regulatory requirements despite FX volatility.

By: AXL Media

Published: Apr 25, 2026, 6:19 AM EDT

Source: Information for this report was sourced from Vanguard News

Strategic Revenue Expansion Amidst Market Volatility

AXA Mansard Insurance Plc has demonstrated significant top-line resilience, reporting a 22 percent increase in insurance revenues to N160.56 billion for the 2025 financial year. This growth occurred within a challenging macroeconomic climate characterized by persistent inflationary pressures and a volatile foreign exchange market. The company’s audited results indicate that this expansion was broad-based, with total Gross Written Premiums (GWP) rising 23 percent to N170.87 billion. These figures suggest a successful execution of the firm’s strategy to deepen its market share through improved customer retention and the acquisition of new business across its diversified insurance portfolio.

Segment Performance and Health Sector Dominance

A detailed analysis of the insurer’s business segments reveals that the health insurance sector was the primary driver of growth, surging 40 percent to reach N66.32 billion. Property and Casualty revenues also saw an upward trajectory, growing 11 percent to N68.48 billion, while the Life and Savings division increased by 14 percent to N25.77 billion. The rapid expansion of the health segment is particularly notable, as it reflects a growing corporate and individual demand for medical coverage amidst rising healthcare costs in Nigeria. This shift highlights a strategic pivot toward high-demand sectors to offset slower growth in traditional insurance lines.

Navigating the Impact of Foreign Exchange Fluctuations

Despite the robust revenue figures, the company’s Profit Before Tax (PBT) experienced a significant decline, falling 81 percent to N6.12 billion from N31.69 billion the previous year. Chief Financial Officer Ngozi Ola-Israel clarified that this drop was primarily due to the absence of the N27 billion in foreign exchange gains that bolstered the 2024 results. In contrast, the company recorded a N1 billion FX loss in 2025. When adjusted for these non-recurring currency impacts, the underlying profit would have demonstrated a 50 percent year-on-year growth, indicating that the core insurance operations remain fundamentally sound despite the bottom-line dip.