‎AXA Mansard grows revenue by 20% in Q1 despite FX-driven profit dip

AXA Mansard Insurance Plc has reported a 20 per cent year-on-year increase in insurance revenues to ₦48.46 billion in the first quarter of 2026, driven by strong performance across its core business segments, even as foreign exchange volatility weighed on profit.

‎The insurer said gross written premiums rose 14 per cent to ₦93.73 billion, reflecting sustained momentum in new business acquisition and improved customer retention across its portfolio.

‎A breakdown of the results showed that Property and Casualty (P&C) led revenue growth, rising 27 per cent to ₦22.10 billion, while Health insurance grew 21 per cent to ₦18.50 billion. Life and Savings recorded a modest 2 per cent increase to ₦7.85 billion.

‎Chief Financial Officer, Ngozi Ola-Israel, said the company’s topline growth was underpinned by disciplined portfolio management and improved retention metrics.

‎“In Q1 2026, we sustained topline momentum with a 20 per cent year-on-year increase in insurance revenues, driven by strong performance across all segments, particularly P&C and Health,” she said. ‎Despite the strong revenue performance, profit before tax fell by 42 per cent to ₦3.58 billion, compared to ₦6.16 billion in the same period of 2025. The company attributed the decline entirely to foreign exchange losses resulting from naira appreciation, which led to a ₦2.4 billion loss in Q1 2026, against a ₦3.1 billion gain recorded in Q1 2025.

‎However, the firm noted that underlying performance remained robust. Excluding FX impacts, profit before tax would have risen by 76 per cent year-on-year, reflecting stronger underwriting and investment income. ‎Also commenting, Chief Executive Officer, Kunle Ahmed, said the performance highlights the resilience of the company’s diversified portfolio amid a challenging operating environment.

‎“The Group’s strong topline performance across all business lines reflects the continued trust of our customers, brokers and partners,” Ahmed said, adding that the company remains well positioned to meet the new minimum capital requirements set by the National Insurance Commission.

‎Further analysis showed that the insurance service result rose significantly by 54 per cent to ₦6.49 billion, driven largely by improved underwriting performance in the P&C segment, which recorded a 201 per cent surge. ‎The Health segment maintained solid performance despite higher claims costs, while Life and Savings was impacted by increased surrenders and reserve pressures in the Individual Life business.

‎On the balance sheet, total assets grew 14 per cent to ₦260.60 billion, while shareholders’ funds increased 8 per cent to ₦56.71 billion, reinforcing the company’s capital position.

‎The insurer also reported improved efficiency metrics, with its loss ratio declining to 51.5 per cent from 56.5 per cent in the prior year, reflecting better claims management.

‎Looking ahead, the company said it would focus on accelerating profitable growth, enhancing underwriting discipline, and deepening digital capabilities, expressing optimism that stabilising macroeconomic conditions would support stronger earnings.

‎AXA Mansard’s financial strength was recently affirmed with a B+ rating by AM Best, with the outlook revised to stable, underscoring confidence in its balance sheet and risk management framework. ‎The company is a member of the AXA Group, a global insurance and asset management firm operating in over 50 countries.