AXA Mansard’s profit rises 81% to N10.9 billion on stronger underwriting

AXA Mansard Insurance Plc has reported an 81 per cent increase in profit after tax to N10.9 billion for the third quarter of 2026, driven by stronger underwriting performance and revenue growth across its property and casualty, life and savings, and health businesses.

The insurer’s financial results for the nine months ended September 2026 showed that insurance revenue rose by 19 per cent to N143.1 billion, compared with N120.5 billion recorded in the corresponding period of 2025.

Profit before tax also increased by 111 per cent to N12.9 billion from N6.1 billion, reflecting improved performance across its core insurance operations.

The growth was supported by an 86 per cent increase in insurance service results to N19.2 billion, from N10.3 billion in the previous year, indicating improved underwriting performance and claims experience.

Gross written premiums increased by 18 per cent to N169.5 billion, compared with N143.5 billion in the corresponding period of 2025, with the health business accounting for the largest contribution.

The health segment recorded a 33 per cent increase in gross written premiums to N76.5 billion, while life and savings grew by 26 per cent to N27.6 billion. Property and casualty premiums rose marginally by two per cent to N65.4 billion.

Across the business lines, insurance revenue from health increased by 24 per cent to N60.5 billion, while life and savings also grew by 24 per cent to N24.1 billion. Property and casualty revenue rose by 12 per cent to N58.6 billion.

The improvement in underwriting performance was particularly evident in the property and casualty business, where insurance service results increased by 64 per cent to N8.7 billion. The company attributed the performance partly to a 13 per cent year-on-year decline in insurance service expenses.

The life and savings segment recorded a 92 per cent increase in insurance service results to N3.8 billion, while health posted a 119 per cent rise to N6.8 billion.

Commenting on the performance, the Chief Financial Officer, Ngozi Ola-Israel, said the company sustained revenue growth across its business segments, supported by new business acquisition and improved customer retention.She said the 81 per cent growth in profit after tax reflected stronger underwriting and investment results, while return on equity improved to 17.8 per cent.

Ola-Israel said the company would sustain its focus on disciplined underwriting, cost optimisation and balance sheet strengthening as it enters the final quarter of the year.

The Chief Executive Officer, Kunle Ahmed, said the performance reflected continued customer and partner confidence in the company’s diversified insurance portfolio.

Ahmed also disclosed that the insurer had met the new minimum capital requirements stipulated by the National Insurance Commission (NAICOM), adding that preparations were underway to meet the regulator’s proposed risk-based capital requirements under the Nigerian Insurance Industry Reform Act 2025.

The company’s balance sheet also strengthened, with total assets rising by 14 per cent to N260.7 billion, while shareholders’ funds increased by 19 per cent to N62.5 billion. However, the results showed that foreign exchange volatility remained a pressure point, with the group recording a N4.3 billion foreign exchange loss in the third quarter, compared with N2.3 billion in the corresponding period of 2025.

The insurer’s performance comes as the industry adjusts to the higher minimum capital requirements introduced under NIIRA 2025, which have increased the emphasis on financial strength, underwriting capacity and the ability of operators to absorb risks. With the recapitalisation exercise completed, the next test for insurers will be translating stronger capital positions into improved risk-taking capacity, efficient claims settlement and sustainable growth in insurance penetration.