Win BIG in the AXA
Motor Insurance Promo
| title of post

AXA Mansard Insurance delivers strong revenue growth at 13% whilst also implementing IFRS17


AXA Mansard Insurance plc, a member of the AXA Group, announces its financial results for the first quarter ended March 31, 2023 following the implementation of the IFRS17 and IFRS9 accounting standards, which became effective on January 1, 2023. Consequently, Gross earned premiums (Insurance revenues) becomes the principal revenue indicator given the change in accounting standards:

  • Insurance revenues up 13% to ₦19.4bn
    • Life & Savings up 23% to ₦4.7bn
    • Health up 23% to ₦7.5bn
    • Property & Casualty down 2% to ₦7.3bn
  • Gross Written Premiums up 20% to ₦34.4bn
    • Life & Savings up 20% to ₦6.88bn
    • Health up 22% to ₦12.9bn
    • Property & Casualty up 19% to ₦14.9bn

Key Note:

Commercial activity of insurance operations will now be reported using insurance (earned) revenues as against gross written premiums (“GWP”). The reinsurance expenses will now also be reflected as “net expenses from reinsurance contracts held” with the main difference from what was previously reported being the netting of commissions received and claims recoveries from assumed reinsurance businesses. For asset management, commercial activity continues to be measured on revenues.


Commenting on the results, Mrs. Ngozi Ola-Israel, the Chief Financial Officer, said “We delivered double digit revenue growth of 13% from ₦17.3bn to ₦19.4bn and net premium income growth of 21% from ₦11.6bn to ₦14.0bn largely driven by the life and health business insurance revenues which increased by 23% on a year-on-year basis. This achievement affirms our ambitions to achieve sustainable revenue growth and demonstrates our ability to execute our strategy in a challenging and evolving business environment. Our operating performance improved significantly, with PBT growth of 248% to 1.9bn from 0.5bn last year which was driven by improved performance within P&C and L&S segments as well as a significant recovery from the health segment.

Commenting on AXA Mansard’s financials at the end of the first quarter of 2023, Mr. Kunle Ahmed, the Chief Executive Officer, AXA Mansard Insurance, said “We started the 2023 financial year on a strong footing. We achieved improved revenue and profit before tax growth well ahead of our projections. With our focus on sustainable growth and resilience, we continue to take steps to explore new ways to strengthen our balance sheet whilst ensuring efficiency in our underwriting and claims processes. Looking forward to the rest of year, we are optimistic about the opportunities that exist for our business as we leverage our technological and digital capabilities as well as the dedication of our employees and support of other stakeholders to continually deliver value to our customers.”


Overview of Business Segments-Q1’23

Key figures (in Naira billion, unless otherwise noted)
  Q1 2023 Q1 2022 %∆
Earned revenues (Group) 19.4 bn 17.3 bn ▲    13%
o/w Property & Casualty 7.3 bn 7.5 bn ▼      2%
o/w Life & Savings 4.7 bn 3.9 bn ▲    23%
o/w Health 7.5 bn 6.1 bn ▲    23%


Earned revenues improved by 13% YoY (19.4bn vs 17.3bn). Growth is driven by Health (+23%) and L&S (+23%) partly offset by P&C decline of 2% which is due to change in timing of booking of key business in the current period vs this time last year. The life and health business recorded 23% YoY growth resulting from improved customer retention rates, increased share on existing business and drive to acquire new businesses.


Key figures (in Naira billion, unless otherwise noted)
  Q1 2023 Q1 2022 %∆
Gross Written Premiums (Group) 34.4 bn 28.6 bn ▲    20%
o/w Property & Casualty 14.9 bn 12.5 bn ▲    19%
o/w Life & Savings 6.8 bn 5.6 bn ▲    20%
o/w Health 12.8 bn 10.5 bn ▲    22%


Gross revenues: grew 20% YoY (34.4bn vs 28.6bn), revenue performance is due to our ability to acquire new businesses as well as our capacity to renew existing businesses. Growth is spurred by Health (+22%), L&S (+20%) and P&C (+19%). P&C volumes performance is attributable to improved performance in the commercial lines growing by 17% YoY. Life volumes acceleration is spurred by increased onboarding on protection with savings products. Health volumes improves owing to the impact of increased premium from re-pricing in the commercial lines business.


Property and Casualty

Key figures (in Naira billion, unless otherwise noted)
  Q1 2023 Q1 2022 %∆
Gross revenues (P&C) 14.9 bn 12.5 bn ▲           19%
o/w Fire 1.6 bn 1.3 bn ▲           21%
o/w Accident 1.1 bn 1.0 bn ▲           11%
o/w Motor 1.0 bn 0.8 bn ▲           25%
o/w Marine 0.1 bn 0.3 bn ▼           47%
o/w Engineering 0.2 bn 0.2 bn ▲           41%
o/w Oil & Energy 10.5 bn 8.4 bn ▲           25%
o/w Aviation 0.3 bn 0.6 bn ▼           52%


P&C improves 19% YoY due to significant improvements in the Oil & Energy portfolio, which grows by 25% and is partially offset by declines in Aviation and Marine due to changes in the structure of key businesses. Growth was also driven by increased premium on renewal, pricing changes, and new businesses. The group remains committed to ensuring improved performance on personal lines, for which we have specific action plans.


Life and Savings

Key figures (in Naira billion, unless otherwise noted)
  Q1 2023 Q1 2022 %∆
Gross revenues (Group) 6.8 bn 5.6 bn ▲           20%
o/w Group Life 4.3 bn 4.0 bn ▲              5%
o/w Individual Life 2.5 bn 1.6 bn ▲           59%


L&S segment grows 20% YoY driven by improved performance in both group life (+5%) and individual life business (+59%). Growth in the individual life portfolio is largely driven by the impact of the increase in customers onboarded and increased volumes from protection with savings products. Overall, improved agent network as well as their productivity also contributed to the growth in revenues. Focus remains on launching more products with excellent value propositions to our customers.

Asset Management

Key figures (in Naira billion, unless otherwise noted)
  Q1 2023 Q1 2022 %∆
Gross Revenues 0.3 bn 0.3 bn ▲           11%
Gross (AUMs) 139.1 bn 118.1 bn ▲           18%
o/w Own AuMs 60.0 bn 54.8 bn ▲              9%
o/w 3rd Party AuMs 79.1 bn 63.2 bn ▲           25%


Total revenues improved 11% YoY, with higher management fees benefiting from improved 3rd party assets under management. The AuMs for corporate clients improved by 65% as client count also grew by 22% leading to a 25% growth in 3rd party AuMs and 18% growth in total AuMs.

Operating Performance

Key figures (in Naira billion, unless otherwise noted)
  Q1 2023 Q1 2022 %∆
Profit Before Tax (Group) 1.9 bn 0.5 bn ▲     248%
o/w Property & Casualty 0.5 bn 0.5 bn ▲       11%
o/w Life & Savings 1.0 bn 0.4 bn ▲     148%
o/w Health 0.2 bn (0.5 bn) na


Overall, PBT significantly improved by 248% YoY owing to 11% growth in P&C, 148% growth in the life business and significant growth in the health business. P&C grew by 11% in performance YoY. This is attributable to improved revenues and underwriting performance.  Growth in the life business is driven by improved net premium income, reduced underwriting expenses and higher investment margins. The health business continued with its recovery to deliver profit of over N150mn owing to higher volumes, improved claims management and operating efficiency. We remain market leaders in the health segment and a major player in within the industry with a commitment to providing exceptional customer service.

Financial Position Metrics

Financial Position
  Q1 2023 FY 2022 %∆
Shareholders’ Funds 29.5 bn 29.8 bn ▼     0.9%
  Q1 2023 Q1 2022 %∆
Return on Average Shareholder’s Equity 6.4% 1.8% ▲   4.7 pts
Return on Average Assets 1.7% 0.5% ▲   1.2 pts

Shareholders’ Fund: Shareholder’s fund stood at 29.5bn largely flat compared to 29.8bn for FY22 largely driven by fair value losses.


Return on Shareholder’s Equity:  Return on Shareholder’s Equity (ROE) improved by 4.7 percentage points from 1.8% prior year to 6.4% owing to strong improved performance in the business. The operating performance of the group increased by 248% (1.9bn from 0.5bn LY) while shareholder’s equity was largely flat (29.5bn from 29.8bn LY) owing to changes in fair value reserves. We continue to provide value to our shareholders.


Return on Asset:  Return on Assets (ROA) improved by 1.2 percentage points up to 1.7% from 0.5% when compared with prior year. The growth indicates efficient assets utilization towards improved PBT growth of 248% (1.9bn from 0.5bn LY). Average asset has also increased by 3% (114.3bn from 111.3bn LY) owing to improved asset base (near cash and insurance contracts assets) as we continue to consolidate on financial strength in the year under review.


Financial Highlights and Ratios

Income Statement Highlights

  • Gross Written Premium of N34.4bn, up 20% from N28.6bn in March 2022
  • Net Premium Income of N14.0bn, up 21% from N11.6bn in March 2022
  • Investment and Other Income of N1.6bn, up 24% from N1.3bn in March 2022
  • Operating Expenses of N3.3bn, up 32% N2.5bn in March 2022
  • Profit before Tax of N1.9bn, up 248% from N0.5bn in March 2022
  • Profit after Tax of N1.6bn, up 242% from N0.5bn in March 2022

Statement of Financial Position Highlights

  • Total Assets of N123.5bn, up 17% from N105.2bn as of December 2022
  • Insurance Liabilities of N69.0bn, up 25% from N55.1bn as of December 2022
  • Group Shareholders’ Funds of N29.5bn, down 1% from N29.8bn as of December 2022
  • Insurance Shareholders’ Funds of N25.8bn, down 4% from N26.8bn as of December 2022

Key Ratios

  • Operating Expense Ratio of 17.1% (March 2022: 14.6%)
  • Underwriting Expense Ratio of 8.6% (March 2022: 9.3%)
  • Loss / Claims Ratio of 43.8% (March 2022: 48.8%)
  • Re-Insurance Cost Ratio of 28.3% (March 2022: 24.9%)
  • Return on Average Equity of 6.4% (March 2022: 1.8%)
  • Return on Average Asset of 1.7% (March 2022: 0.49%)
  • Earnings per Share of ₦0.20k (March 2022: ₦0.05k)


Key figures (in billion Naira, unless otherwise stated)
GROUP FY 22 – IFRS 4 Audited FY 22 – IFRS 17 (Restated) Q1 23 -IFRS 17 YoY Change
Asset 106.2 bn 105.2 bn 123.5 bn + 17%
Cash and cash equivalent 13.5 bn 13.5 bn 16.0 bn + 19%
Investment securities 43.5 bn 43.5 bn 44.9 bn + 3%
Loan and receivables 3.8 bn 3.8 bn 6.0 bn + 59%
PPE & Intangible assets 3.5 bn 3.5 bn 3.6 bn + 2%
Statutory dep., RI assets & other 42.0 bn 40.9 bn 53.1 bn + 30%
o/w Claims Recoverables (Incl. IBNR) 9.2 bn 9.0 bn 8.2 bn  – 9%
Liabilities 73.1 bn 71.3 bn 90.1 bn + 26%
Insurance contract liabilities 44.8 bn 55.1 bn 69.0 bn + 25%
o/w Outstanding Claims (Incl. IBNR) 28.4 bn 39.5 bn 38.8 bn  – 2%
o/w Unearned Premiums (P&C + health) 16.4 bn 15.6 bn 30.3 bn + 94%
Investment contract liabilities 6.7 bn 6.7 bn 6.4 bn  – 5%
o/w Life Savings 3.5 bn 3.5 bn 3.2 bn  – 8%
o/w Life Investment Plan 2.5 bn 2.5 bn 2.7 bn + 7%
o/w Bonus Life 0.7 bn 0.7 bn 0.5 bn  – 29%
Reinsurance contract liabilities 0.0 bn 1.7 bn 3.8 bn + 124%
Trade and other liabilities 20.7 bn 6.9 bn 10.1 bn + 45%
Deferred tax liability 0.9 bn 0.9 bn 0.8 bn  – 2%
Total Equity 33.1 bn 33.9 bn 33.4 bn  – 1%



Key figures (in billion Naira, unless otherwise noted)

GROUP P&L  Q1 23  Q1 22 (restated)  Q1 23 vs. Q1 22                
Insurance revenue 19.4 bn 17.3 bn 13%
Insurance service Expenses (10.1 bn) (11.0 bn) -8%
Net expenses from reinsurance contracts held (5.5 bn) (4.3 bn) 28%
Insurance service result 3.8 bn 1.9 bn 97%
Interest Income calculated using effective interest rate method 1.4 bn 1.5 bn -7%
Net gain or loss on financial assets at fair value through profit or loss 0.1 bn (0.2 bn) -142%
Net credit impairment losses (0.0 bn) (0.0 bn) 12%
Profit on investment contracts 0.2 bn 0.0 bn 344%
Net Investment income 1.6 bn 1.3 bn 23%
Other income 0.0 bn 0.0 bn 342%
Finance income/(expense) from insurance contract issued (0.2 bn) (0.1 bn) 89%
Finance income/(expense) from reinsurance contract held 0.1 bn 0.0 bn 369%
Expenses for marketing and administration (0.5 bn) (0.3 bn) 65%
Employee benefit expense (1.6 bn) (1.1 bn) 44%
Other operating expenses (1.2 bn) (1.1 bn) 9%
(Impairment)/writeback of other assets 0.0 bn 0.0 bn na
(Impairment)/writeback of premium receivables 0.0 bn 0.0 bn na
Results of operating activities 2.0 bn 0.6 bn 227%
Finance cost (0.1 bn) (0.1 bn) 47%
Profit before tax 1.9 bn 0.5 bn 248%
Income tax expense (0.3 bn) (0.1 bn) 281%
Profit from discontinued operations (net of tax) 0.0 bn 0.0 bn na
Profit for the year 1.6 bn 0.5 bn 242%

Digital and E-Commerce Drive

While combined sales from the digital channel amounted to ₦559m, we continued to digitize our customer’s journeys by introducing tools, technologies, and initiatives to improve our customer’s experience and collaboration with our partners. Key highlights of our digitization journey are seen below:

  • Flexible Payment Initiative (Pay Monthly Car Insurance Initiative): We demonstrated our commitment to improving insurance affordability and access by launching the pay monthly car insurance initiative. The monthly car insurance enables car owners to pay their comprehensive car insurance premiums in instalments by paying only 20% of the total amount upfront and spreading the remaining balance over a maximum period of ten (10) months. This initiative emphasizes AXA’s commitment to promoting financial inclusion by making access to insurance coverage more affordable and inclusive.
  • Embedded Health Insurance Product: As part of our commitment to provide accessible and affordable healthcare services to all, AXA Mansard Health has partnered with Airtel, the leading telecommunications brand in Nigeria, to launch an embedded insurance product that provides basic health insurance coverage. With the *141*44# short code, our Airtel customers across Nigeria can reach a doctor, access health medications, and get a hospitalization cover. Instead of buying the traditional data plan, our Airtel customers can now choose the data & health bundle plan and pay using their airtime. This partnership is first of its kind in Nigeria, and an innovative solution that addresses the challenges of healthcare delivery in the country.


AM Best Rating: AXA Mansard Insurance Plc’s Financial Strength Rating of B+ (Good) and Long-Term Issuer Credit Rating of “bbb-” (Good) were affirmed by AM Best on March 10, 2023. The outlook for these Credit Ratings (ratings) is stable, reflecting AXA Mansard’s strong balance sheet, adequate operating performance, limited business profile, and appropriate enterprise risk management, as assessed by AM Best. The ratings also reflect rating enhancement from AXA Mansard’s ultimate parent, AXA S.A.


MARKETING TEAM marketingteam@axamansard.com
INVESTOR RELATIONS CONTACT investorrelations@axamansard.com


Subscribe to our email alerts

Be the first to know about AXA's news directly in your mailbox

As explained in our Privacy Notice specifying the use we make of your personal data and for which duration your information will be kept, AXA SA, as data controller, processes your email address to send you the AXA newsletters. You have the right to withdraw your consent with regard to the above described processing at any time. However, please note that the withdrawal of your consent will not affect the lawfulness of processing based on consent before its withdrawal.