One of the leading underwriting firms in Nigeria, AXA Mansard Insurance Plc, sustained its growth momentum in the first half of 2025 with a 24 per cent year-on-year rise in insurance revenues to N81.15 billion under the new IFRS 17 reporting standards.
Earnings from its Property and Casualty portfolio rose by 10 per cent to N35.43 billion, Life and Savings climbed by 17 per cent to N14.15 billion, while the Health segment expanded by 48 per cent growth to N31.58 billion.
The strong financial performance of the member of AXA Group for the half-year ended June 30, 2025, was disclosed in the financial statements submitted to the Nigerian Exchange (NGX) Limited.
It was observed that Gross Written Premiums (GWPs) grew by 23 per cent to N115.31 billion, supported by double-digit expansion across all verticals.
In the same vein, Property and Casualty premiums rose by 11 per cent to N52.60 billion, as Life and Savings jumped by 18 per cent to N16.78 billion, and Health premiums soared by 41 per cent to N45.93 billion, underscoring strong demand for healthcare-related insurance solutions amid rising awareness and healthcare costs.
The results reaffirm AXA Mansard’s position as one of Nigeria’s leading composite insurers and signal a continuation of its strategic priorities to expand market share, innovate product offerings, and deepen insurance penetration in Nigeria.
According to the Chief Financial Officer of AXA Mansard, Mrs Ngozi Ola-Israel, the company’s topline growth was driven by strong renewal rates and consistent traction from new business across key product lines.
“In HY 2025, we recorded a 24 per cent year-on-year growth in insurance revenues, reinforced by strong renewal ratios and consistent traction from new businesses across our strategic product lines.
“This topline performance showcases the effectiveness of our distribution channels and the sustained relevance of our product suite in a dynamic operating business environment,” she said.
Despite the strong revenue performance, profit before tax declined by 73 per cent to N7.73 billion due to the non-recurrence of significant foreign exchange gains recorded in the prior year.
However, when adjusted for the one-off FX impact, the underlying profit before tax would have shown a 72 per cent growth, driven by disciplined underwriting and effective cost management.
The chief executive of AXA Mansard Insurance, Mr Kunle Ahmed, described the first-half results as a reflection of the insurer’s operational resilience and commitment to sustainable growth.
“We delivered a solid revenue performance in the first half of the year, a clear reflection of the strength of our core business.
“As we move into the second half of the year, we are committed to preserving margin resilience while positioning the business to capture emerging value-accretive opportunities across our markets,” Mr Ahmed said.
He added that the company would continue to focus on quality growth, prudent risk management, and capital efficiency to navigate market challenges and deliver long-term value to shareholders.
“We remain confident in the fundamentals of our business and the growth potential within our market.
“By leveraging our technical expertise, advancing our digital agenda, and harnessing the collective efforts of our people, partners, and brokers, we are well-positioned to strengthen returns and deliver sustainable value to our shareholders,” he added.