By Taiye Olayemi
AXA Mansard Insurance Plc says it recorded a 24 per cent increase in insurance revenues in the first half of 2025, reaching ₦81.15 billion under the new IFRS 17 reporting standards.
The company disclosed this in its unaudited financial statement for the period ended June 30, made available to newsmen on Thursday in Lagos.
The statement showed that the growth was driven by improved performance across all business segments.
Revenues from Property & Casualty rose by 10 per cent to ₦35.43 billion, Life & Savings increased by 17 per cent to ₦14.15 billion, while the Health segment grew by 48 per cent to ₦31.58 billion.
Similarly, Gross Written Premiums (GWP) rose by 23 per cent to ₦115.31 billion, with double-digit growth recorded across all lines.
The Health segment led the GWP growth with a 41 per cent increase to ₦45.93 billion, followed by Life & Savings which grew by 18 per cent to ₦16.78 billion, and Property & Casualty which rose by 11 per cent to ₦52.60 billion.
Mrs Ngozi Ola-Israel, Chief Financial Officer of AXA Mansard, attributed the growth to strong renewal rates and new business traction 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 figures, profit before tax stood at ₦7.73 billion, representing a 73 per cent decline from the same period in 2024, due to the absence of significant foreign exchange gains recorded in the previous year.
The company explained that when adjusted for the one-off FX gains in 2024, the underlying profit before tax showed a 72 per cent growth, supported by disciplined underwriting and cost management.
Kunle Ahmed, Chief Executive Officer of AXA Mansard Insurance, 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,” he said.
According to Ahmed, the company will 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 said.
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.
