Harboursandport.com: Lagos – August 11, 2025: AXA Mansard Insurance Plc, a member of the global AXA Group, has announced a strong financial performance for the half-year ended June 30, 2025, posting a 24 per cent year-on-year growth in insurance revenues to ₦81.15 billion under the new IFRS 17 reporting standards.
The
company’s latest figures reflect broad-based growth across its three major
business segments. Revenues from its Property & Casualty portfolio rose by
10% to ₦35.43 billion, Life & Savings climbed by 17% to ₦14.15 billion,
while the Health segment recorded a remarkable 48% growth, reaching ₦31.58
billion.
Similarly, Gross Written Premiums (GWPs) grew by 23% to ₦115.31 billion, supported by double-digit expansion across all verticals. Property & Casualty premiums increased by 11% to ₦52.60 billion, Life & Savings grew by 18% to ₦16.78 billion, and Health premiums soared by 41% to ₦45.93 billion, underscoring strong demand for healthcare-related insurance solutions amid rising awareness and healthcare costs.
Speaking on
the financial results, Mrs. Ngozi Ola-Israel, Chief Financial Officer of AXA
Mansard, noted that the company’s topline growth was driven by strong renewal
rates and consistent traction from new business across key product lines.
“In HY 2025,
we recorded a 24% 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 performance, profit before tax came in at ₦7.73 billion,
representing a 73% decline compared to the same period in 2024. The company
attributed this decline to the non-recurrence of significant foreign exchange
gains recorded in the prior year. However, when adjusted for the one-off FX
impact, the underlying profit before tax would have shown a 72% growth, driven
by disciplined underwriting and effective 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,” Ahmed said.
He added
that 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 added.
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.
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