- AXA Mansard delivered 22% YoY growth in insurance revenues in FY 2025, driven by broad-based expansion and a standout 40% increase in the Health segment, reflecting strong renewals and a resilient, customer-centric business model.
- Profit Before Tax declined by 81% to ₦6.12bn, primarily due to the nonrecurrence of FY24’s ₦27bn FX gains and a ₦0.9bn FX loss in FY25; however, underlying adjusted profitability rose 46% YoY, supported by disciplined underwriting, risk management, and operational efficiency amid high claims severity.
- The Group remains financially strong, exceeding NIIRA’s minimum capital requirements, and will prioritise improved earnings momentum, pricing optimisation, stronger underwriting discipline, and digital capability enhancements in FY 2026 to unlock more visible bottom-line growth as macro volatility moderates.
In FY 2025, the Group sustained strong growth momentum, delivering a 22% year-on-year increase in insurance revenues, supported by robust renewals and broad-based expansion across all business lines.
Growth was particularly notable in the Health segment, which expanded by 40%, underscoring the resilience of our business model, the effectiveness of our distribution franchise, and the continued relevance of our customer-centric value proposition.
Commenting on the results, Mrs Ngozi Ola-Israel, the Chief Financial Officer, said, “Profit Before Tax for FY25 stood at ₦6.12 billion, reflecting an 81% decline from FY 2024.
This outcome was largely attributable to the non-recurrence of ₦27b foreign exchange gains included in FY24 earnings vs ₦0.9b foreign exchange loss included in FY25 earnings.
Excluding this one-off impact, underlying profitability improved, with adjusted profits increasing by 46% year-on-year.
This performance reflects disciplined execution across underwriting, sound risk management, and ongoing improvements in operational efficiency despite a year filled with high claims severity and frequency in the P&C and Health portfolios.”
Also commenting on AXA Mansard’s FY 25 Unaudited results, Mr Kunle Ahmed, the Chief Executive Officer, AXA Mansard Insurance, said, “The Group maintained a solid financial position during the year, supported by strong premium growth, prudent capital management, and adequate liquidity.
“While elevated claims and inflationary pressures impacted margins during the year, balance sheet strength and cash generation remained sound, positioning the Group to absorb near-term pressures and pursue selective growth opportunities.
“Specifically, relating to the new Minimum Capital Requirements specified in the NIIRA, our unaudited FY25 numbers position us to exceed the required ₦15b for Non-life business and ₦10b for our Life business. “
Looking ahead to FY 2026, management’s focus is firmly on ramping up earnings momentum and improving returns.
Key priorities include accelerating profitable growth through pricing and portfolio optimisation, strengthening underwriting and claims discipline, and further embedding cost efficiency across the organisation.
In parallel, continued investment in digital and data capabilities will support better risk selection, faster turnaround times, and improved customer outcomes.
As the macroeconomic volatility moderates and foreign exchange gains normalise, we expect underlying earnings improvements to become more visible at the bottom line.
With a strong balance sheet, disciplined execution, and a clear strategic focus, the Group remains well positioned to reverse the recent profit decline, strengthen returns, and deliver sustainable long-term value for shareholders.
