AXA Mansard Insurance Plc closed 2024 with one of the strongest financial performances in Nigeria’s insurance sector, defying economic headwinds with a mix of disciplined risk management, strategic diversification, and the operational strength of its global affiliation.
For the full year ended December 31, 2024, the company posted a profit before tax of ₦31.6 billion, more than doubling the ₦15.7 billion recorded in 2023. This performance, amidst a year marked by currency devaluation, inflation, and sector-wide volatility, firmly positions AXA Mansard as a resilient and well-capitalized industry leader.
Key Highlights:
- Profit Before Tax: ₦31.6 billion, +101.3% YoY
- Insurance Revenue: ₦131.6 billion, +59.1% YoY
- Retained Earnings: ₦33.9 billion, +137% YoY
- Dividend Declared: 45 kobo per share (Total payout: ₦4.05 billion)
- Dividend Yield: 5.20% at share price of ₦8.64
- Dividend Payout Ratio: 27.89%
AXA Mansard’s revenue mix reflects its diversified income base, reducing its exposure to sector-specific shocks:
- Health Insurance: ₦47.2 billion
- Oil & Gas Insurance: ₦37.4 billion
- Savings Products: ₦12.7 billion
- Fire Insurance: ₦12.6 billion
- Other Lines: Balance of income
This multi-line strategy has enabled the group to harness growth opportunities while balancing risk across economic sectors. Health and oil & gas were standout contributors, underscoring AXA Mansard’s effective alignment with high-demand and high-margin insurance segments.
Additionally, retained earnings surged by 137% to ₦33.9 billion, indicating robust internal capital formation and positioning the company well for future expansion or reserve strengthening.
To reward shareholders, the board proposed a final dividend of 45 kobo per share, offering a 5.20% yield, one of the most attractive in the insurance sector. With a payout ratio of 27.89%, AXA Mansard maintains a balance between shareholder return and growth reinvestment.
Conclusion:
AXA Mansard’s 2024 performance showcases its resilience, operational excellence, and strategic clarity in the face of Nigeria’s macroeconomic challenges. With a strong capital base, diversified income streams, and consistent dividend delivery, the company continues to offer both growth and income value to investors.
AXA Mansard Insurance Plc has released its forecast for the second quarter of 2025, projecting an insurance revenue of N86.78 billion.
Key Highlights:
- Projected insurance revenue of N86.78 billion for Q2 2025
- Insurance service result of N10.50 billion, after deducting expenses and reinsurance contracts
- Net investment and other income of N10.13 billion
- Operating expenses projected at N10.82 billion
- Profit before tax of N9.13 billion, with a projected profit after tax of N7.78 billion
- Net decrease of N4.12 billion in cash and cash equivalents, resulting in a closing balance of N10.05 billion.
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