AXA Mansard Insurance Plc delivered a robust top-line performance in the first quarter of 2026, with insurance revenue rising 20 per cent year-on-year to ₦48.46 billion, underscoring resilient demand across its core business lines despite a volatile macroeconomic backdrop.
Gross written premiums, a key measure of total policy sales before reinsurance climbed 14% to ₦93.73 billion. The increase reflects sustained new business generation and improved customer retention, signalling continued market share gains in Nigeria’s highly competitive insurance sector.
Growth was broad-based but led by the Property and Casualty (P&C) division, where revenue surged 27% to ₦22.10 billion, driven by stronger underwriting discipline and pricing adjustments. Health insurance also recorded solid momentum, rising 21% to ₦18.50 billion, as demand for private healthcare coverage remained elevated. By contrast, Life and Savings posted a more modest 2% increase to ₦7.85 billion, weighed down by higher policy surrenders and reserve pressures.
Chief Financial Officer Ngozi Ola-Israel attributed the performance to tighter portfolio management and improved retention metrics. “We sustained topline momentum, particularly in P&C and Health,” she said, highlighting operational execution as a key driver.
However, profitability was sharply impacted by foreign exchange movements. Profit before tax fell 42% to ₦3.58 billion, down from ₦6.16 billion a year earlier. The decline was primarily due to a ₦2.4 billion foreign exchange loss, compared with a ₦3.1 billion gain in the same period of 2025, reflecting the effects of naira appreciation on foreign currency positions.
Stripping out currency effects, underlying earnings remained strong. The company said profit before tax would have risen 76% year-on-year, supported by improved underwriting margins and investment income, a metric closely watched by analysts assessing core operating performance.
Chief Executive Officer Kunle Ahmed said the results demonstrate the resilience of the group’s diversified model. He added that the company remains well positioned to meet new minimum capital thresholds set by the National Insurance Commission (NAICOM), an industry wide reform aimed at strengthening solvency and risk capacity.
Operational efficiency also improved. The insurance service result, a measure of profitability from core insurance activities rose 54% to ₦6.49 billion, driven largely by a 201% surge in P&C underwriting performance. Meanwhile, the loss ratio, which tracks claims as a proportion of premiums, declined to 51.5% from 56.5%, indicating better claims management.
On the balance sheet, total assets expanded 14% to ₦260.60 billion, while shareholders’ funds rose 8% to ₦56.71 billion, reinforcing capital buffers ahead of regulatory changes.
Looking ahead, management signalled a focus on profitable growth, digital transformation and disciplined risk selection, expressing cautious optimism that macroeconomic stability will support earnings recovery.
The company’s financial strength was recently reaffirmed by AM Best, which assigned a B+ rating with a stable outlook, citing confidence in its balance sheet and risk management framework. As part of the global AXA Group, AXA Mansard continues to leverage international expertise while navigating Nigeria’s evolving insurance landscape.
