AXA Mansard Insurance Plc reported a 14 per cent increase in profit after tax to ₦7.8 billion for the first half of 2026, supported by strong growth in insurance revenue and underwriting performance, as the insurer reaffirmed its readiness to meet the minimum capital requirements introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The insurer’s unaudited financial results showed insurance revenue rose 19 per cent year-on-year to ₦96.5 billion from ₦81.2 billion in the corresponding period of 2025. Gross Written Premium (GWP) also increased by 17 per cent to ₦134.9 billion, reflecting growth across the company’s property and casualty, life and health insurance portfolios.
Health insurance remained the strongest-performing business segment, with premium income rising 32 per cent to ₦60.6 billion. Life and Savings business recorded a 21 per cent increase to ₦20.4 billion, while Property and Casualty premiums grew three per cent to ₦54 billion.
The company also reported a 43 per cent increase in Insurance Service Result to ₦13.2 billion, highlighting improved underwriting profitability across its core operations. Earnings per share rose by 15 per cent during the period.
Although foreign exchange losses of ₦2.9 billion weighed on overall earnings, AXA Mansard said its underlying operating performance remained strong. Excluding the impact of exchange rate movements, profit after tax would have risen by 54 per cent to ₦10.7 billion, underscoring improvements in underwriting discipline and investment returns.
Chief Financial Officer, Ngozi Ola-Israel, attributed the performance to sustained business growth, improved customer retention and stronger execution across the company’s business lines.
She said the insurer continued to benefit from disciplined underwriting, cost optimisation initiatives and a strategy focused on generating sustainable long-term value for shareholders.
“Our insurance revenue grew by 19 per cent year-on-year, supported by strong performance across all business segments, while underlying profitability remained robust despite foreign exchange pressures,” she said.
Commenting on the company’s capital position, Chief Executive Officer, Kunle Ahmed, said AXA Mansard remains adequately capitalised to comply with the new regulatory capital thresholds introduced by the National Insurance Commission (NAICOM).
He noted that the strength of the company’s balance sheet provides a solid platform for future expansion while supporting its commitment to maintaining a prudent capital structure.
Ahmed added that the insurer would continue to focus on profitable growth, operational efficiency, stronger underwriting standards and increased investment in digital technology and data analytics to improve customer experience and business performance.
The company’s financial position also strengthened during the period, with total assets increasing 18 per cent to ₦269.9 billion, while shareholders’ funds rose 11 per cent to ₦58 billion.
The results come as Nigeria’s insurance industry completes its recapitalisation programme under NIIRA 2025, with operators strengthening their capital positions to enhance underwriting capacity, improve policyholder protection and compete more effectively for large-ticket risks across sectors including oil and gas, aviation, marine and infrastructure.
AXA Mansard’s latest performance suggests the insurer is entering the post-recapitalisation era with stronger earnings, improved underwriting fundamentals and a capital base capable of supporting its long-term growth ambitions in Nigeria’s evolving insurance market.
