Executive Summary
AXA MANSARD Insurance Plc recorded a resilient performance for the nine months ended 30 September 2025, supported by a robust investment return and improved underwriting discipline. Insurance revenue grew by 22.7% YoY to ₦120.53 billion (9M’24: ₦98.24 billion), driven by stronger premium generation across retail and corporate lines. However, higher claims and reinsurance expenses moderated underwriting results. The Group benefited from a ₦8.98 billion investment return, significantly strengthening bottom-line earnings. Profit after tax came in at ₦6.01 billion (9M’24: ₦30.16 billion) for the Group, with the prior year boosted by exceptional investment income. On a parent-company basis, PAT was ₦3.81 billion (9M’24: ₦20.92 billion). The business remains well-capitalized with total shareholders’ funds increasing to ₦56.33 billion (FY’24: ₦47.11 billion). Capital adequacy remains strong, providing headroom for growth in underwriting capacity.
Key Financial Highlights
Statement of Comprehensive Income (₦’000)
Metrics Group 9M 2025 Group 9M 2024 YoY
Insurance Revenue 120,527,140 98,244,877 +22.7%
Insurance Service Expenses (84,814,814) (59,032,134) +43.7%
Reinsurance Expense (25,370,568) (26,720,278) -5.0%
Insurance Service Result 10,341,759 12,492,464 -17.2%
Investment Return 8,984,957 33,366,184 -73.1%
Other Income 4,456,623 3,240,143 +37.5%
Operating Expenses (16,688,649) (13,819,286) +20.8%
Profit Before Tax 6,099,910 34,480,888 -82.3%
Profit After Tax 6,005,045 30,158,072 -80.1%
EPS (Kobo) 63 327 -80.7%
Key Drivers:
- Strong premium growth supported by strategic underwriting
- Higher claims and reinsurance cost reflecting macro inflation and sector loss experience
- Prior year benefited from exceptional investment gains
Total Comprehensive Income
9M 2025 9M 2024 YoY
Total Comprehensive Income ₦13.63bn ₦27.67bn -50.7%
Attributable to shareholders ₦13.26bn ₦26.93bn -50.8%
Statement of Financial Position (₦’000)
Metrics Sep 2025 Dec 2024 Change
Total Assets 220,582,017 193,608,866 +13.9%
Total Liabilities 158,118,537 140,730,167 +12.4%
Total Equity 62,463,480 52,878,700 +18.1%
Equity attributable to owners 56,327,895 47,114,278 +19.5%
Balance Sheet Commentary
- Asset base expanded by 13.9%, driven by growth in FVOCI and amortised cost investments
- Insurance contract liabilities increased due to higher underwriting volume and claims recognition
- Cash holdings declined due to investment reallocation, funding underwriting operations, and settlement obligations
Operational Performance Commentary
Underwriting
- Solid revenue growth driven by renewed corporate accounts and improved retail penetration
- Claims experience heightened by macroeconomic inflation and sector-wide loss trends
- Reinsurance utilization remains strategic in risk mitigation
Investment Performance
- Investment return buoyed by higher interest income and revaluation of securities
- Portfolio rebalancing supported FVOCI gains
Capital Position
- Shareholders' funds strengthened by retained earnings and positive OCI movements
- Capital buffer adequate to fuel underwriting growth and regulatory compliance
Outlook
AXA MANSARD Insurance Plc remains well-positioned to benefit from:
- Strong macro demand for insurance products
- Rising interest rate environment supporting investment yields
- Digital distribution and bancassurance expansion
- Regulatory initiatives enhancing sector credibility
Key Priorities
- Strengthen underwriting profitability via pricing and risk selection
- Sustain investment performance amid market volatility
- Improve cost efficiency and operational scalability
Analyst Verdict
AXA MANSARD Insurance delivered resilient top-line growth and maintained a strong capital position, despite earnings normalization following an exceptional investment year in 2024. The business remains well-positioned to scale underwriting capacity, supported by solid liquidity, balanced investment strategy, and ongoing digital transformation."
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Disclaimer
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