- AXA Mansard grew insurance revenues by 23 percent to N120.53 billion in Q3 2025, driven by strong performance across Property and Casualty, Life and Savings, and especially Health which surged 38 percent
- Despite an 82 percent drop in profit before tax due to the absence of prior year’s FX gains, underlying profits rose 17 percent, reflecting operational efficiency and disciplined execution
- Total assets increased by 14 percent to N220.58 billion and shareholders’ funds rose 20 percent, while AM Best reaffirmed the company’s strong credit and financial strength ratings
AXA Mansard Insurance Plc, a member of the global AXA Group, has announced another strong performance for the third quarter ended September 30, 2025, recording a 23 per cent rise in insurance revenues to N120.53 billion, underscoring the firm’s resilience and sustained growth across all business segments.
According to the company’s financial statement, Gross Written Premiums (GWP) climbed by 24 per cent to N143.48 billion, from N115.33 billion recorded in the corresponding period of 2024.
The company said the performance was driven by broad-based growth across its key business lines, Property & Casualty, Life & Savings, and Health, supported by robust customer renewals and the acquisition of new clients.
Specifically, the Property and Casualty segment grew 17 per cent to N64.04 billion, Life and Savings increased 15 per cent to N21.83 billion, while the Health segment posted an exceptional 38 per cent growth to N57.60 billion, highlighting AXA Mansard’s strong position in Nigeria’s growing health insurance market.
Commenting on the results, Chief Financial Officer, Mrs. Ngozi Ola-Israel, said the company’s topline performance reflects the strength of its diversified portfolio and customer-centric business model.
“In Q3 2025, we sustained our growth trajectory with a 23 per cent year-on-year increase in insurance revenues, supported by robust renewals and continued momentum across all business lines, particularly the Health segment which grew by 46 per cent,” she stated. “This strong topline performance underscores the resilience of our business model and the continued relevance of our customer-focused solutions.”
Profit before tax (PBT) stood at N6.10 billion, representing an 82 per cent decline from Q3 2024. Ola-Israel explained that this was largely due to the non-recurrence of exceptional foreign exchange gains recorded in the prior year, which significantly boosted profitability in 2024. “Excluding this one-off impact, profits would have grown 17 per cent year-on-year, reflecting our disciplined execution, sound risk management, and operational efficiency,” she added.
Also commenting on the performance, Chief Executive Officer, Kunle Ahmed, reaffirmed the company’s strategic focus on operational excellence and sustainable value creation despite global and domestic economic headwinds.
“We continued to demonstrate resilience in the third quarter, delivering strong topline growth across all business lines while maintaining stable underlying earnings despite rising costs and global volatility,” Ahmed said. “This performance underscores the strength of our diversified portfolio and the continued trust our customers and partners place in us.”
He noted that the company remains focused on enhancing process efficiency, optimizing product offerings, deepening digital capabilities, and fostering innovation. “Our people, brokers, and partners remain central to our success as we work to create lasting value across our ecosystem,” he added.
During the period, total assets rose by 14 per cent to N220.58 billion, while shareholders’ funds grew by 20 per cent to N56 billion, supported by stronger retained earnings and reserves. Investment income also grew by 43 per cent, reflecting the company’s sound asset management strategy.
AXA Mansard’s commitment to sustainability and social impact remained strong, with over 900 employees participating in six volunteering initiatives across communities in the review period.
In recognition of its strong fundamentals, global rating agency AM Best reaffirmed the company’s Financial Strength Rating of B+ (Good) and Long-Term Issuer Credit Rating of “bbb-” (Good) in April 2025.
The rating reflects AXA Mansard’s robust balance sheet, sound risk management framework, and the strategic support it continues to enjoy from its parent company, AXA S.A.
Looking ahead, Ahmed said the company remains optimistic about the future. “We are confident in the fundamentals of our business and our strategy to sustain growth, strengthen returns, and deliver enduring value to our shareholders,” he concluded.