AXA Mansard Insurance plc, a member of the AXA Group, announces its financial results for HY 2025.
- IFRS 17 Insurance revenues up 24% to ₦81.15bn
- Property & Casualty up 10% to ₦35.43bn
- Life & Savings up 17% to ₦14.15bn
- Health up 48% to ₦31.58bn
- Gross Written Premiums up 23% to ₦115.31bn
- Property & Casualty up 11% to ₦52.60bn
- Life & Savings up 18% to ₦16.78bn
- Health up 41% to ₦45.93bn
Commenting on the results, Mrs. Ngozi Ola-Israel, the Chief Financial Officer said, “ In HY 2025, we recorded a 24% year-on-year growth in insurance revenues, re-enforced by strong renewal ratios and consistent traction from new businesses across our strategic product lines. This topline performance showcases the effectiveness of our distribution channels and the sustained relevance of our product suite in a dynamic operating business environment.“
Profit before tax stood at .7.73 billion, representing a 73% decline compared to HY 2024, primarily driven by the non-recurrence of significant foreign exchange gains recorded in the prior year. Adjusting for these one-off impacts for both periods, profits before tax would have grown by 72% being supported by disciplined underwriting and sustained cost containment efforts
Also commenting on AXA Mansard’s financials at the end of HY 2025, Mr. Kunle Ahmed, the Chief Executive Officer, AXA Mansard Insurance, said ” We delivered a solid revenue performance in the first half of the year, a clear reflection of the strength of our core business. As we move into the second half of the year, we are committed to preserving margin resilience while positioning the business to capture emerging value-accretive opportunities across our markets. Our focus remains on driving quality growth through improved portfolio mix, capital efficiency, and prudent risk management.
We remain confident in the fundamentals of our business and the growth potential within our market. By leveraging our technical expertise, advancing our digital agenda, and harnessing the collective efforts of our people and support of our partners and brokers, we are well-positioned to navigate market dynamics, strengthen returns, and deliver sustainable value to our shareholders.”
Overview of Business Segments- HY’25
| Key figures (in Naira billion, unless otherwise noted) | |||
| HY 2025 | HY 2024 | %∆ | |
| IFRS 17 Insurance revenues (Group) | 81.15 bn | 65.62 bn | ▲ 24% |
| o/w Property & Casualty | 35.43 bn | 32.23 bn | ▲ 10% |
| o/w Life & Savings | 14.15 bn | 12.06 bn | ▲ 17% |
| o/w Health | 31.58 bn | 21.33 bn | ▲ 48% |
Insurance revenues improved by 24% YoY (81.15bn vs 65.62bn). Growth is driven from all lines of business: P&C (+10%), L&S (+17%) and Health (+48%) resulting from the advancement of our distribution network, improved customer retention, increased share on existing businesses and the acquisition of new businesses.
| Key figures (in Naira billion, unless otherwise noted) | |||
| HY 2025 | HY 2024 | %∆ | |
| Gross Written Premiums (Group) | 115.31 bn | 93.97 bn | ▲ 23% |
| o/w Property & Casualty | 52.60 bn | 47.28 bn | ▲ 11% |
| o/w Life & Savings | 16.78 bn | 14.21 bn | ▲ 18% |
| o/w Health | 45.93 bn | 32.48 bn | ▲ 41% |
Gross written premium: grew 23% YoY (₦115.31bn vs ₦93.97bn). Improved performance is due to our ability to acquire new businesses as well as our improving retention rates. Growth is spurred by P&C (+11%), Health (+41%) and L&S (+18%). P&C volumes performance improved owing to strong growth across key portfolios (Fire, Engineering and Motor). Growth in Life volumes is driven by the double-digit growth in Group life portfolio. Health volumes improved owing to strong renewals of key businesses as well as new businesses. Overall, our distribution network has continued to play a major role in driving volumes growth.
Property and Casualty
| Key figures (in Naira billion, unless otherwise noted) | |||
| HY 2025 | HY 2024 | %∆ | |
| Gross revenues (P&C) | 35.43 bn | 32.23 bn | ▲ 10% |
| o/w Fire | 8.38 bn | 5.01 bn | ▲ 67% |
| o/w Accident | 2.00 bn | 1.50 bn | ▲ 33% |
| o/w Motor | 3.09 bn | 2.27 bn | ▲ 36% |
| o/w Marine | 0.85 bn | 0.67 bn | ▲ 28% |
| o/w Engineering | 0.78 bn | 0.47 bn | ▲ 65% |
| o/w Oil & Energy | 19.54 bn | 21.76 bn | ▼ 10% |
| o/w Aviation | 0.78 bn | 0.55 bn | ▲ 43% |
P&C revenue grows 10% YoY due to strong performance across key portfolios (Fire, Engineering and Motor). We experienced growth in key portfolios owing to strong renewals of key businesses. Overall, growth is as a result of increase in customer onboarded within our corporate and retail spaces as well as substantial new businesses.
Life and Savings
| Key figures (in Naira billion, unless otherwise noted) | |||
| HY 2025 | HY 2024 | %∆ | |
| L&S Gross revenues (IFRS 17 revenues) | 14.15 bn | 12.06 bn | ▲ 17% |
| o/w Group Life | 6.80 bn | 4.50 bn | ▲ 51% |
| o/w Individual Life | 7.35 bn | 7.56 bn | ▼ 3% |
The Life & Savings (L&S) segment recorded a 17% year-on-year growth, primarily attributable to a robust performance in the Group Life business, which expanded by 51%. This was partially offset by a 3% decline in the Individual Life business, reflecting a 17% contraction in premiums from the new Life Savings product. The Group Life business experienced a strong growth owing to increased renewals and new businesses. Overall, improved agent productivity as well as our digital footprint has contributed to the growth in revenues.
Asset Management
| Key figures (in Naira billion, unless otherwise noted) | |||
| HY 2025 | HY 2024 | %∆ | |
| Gross Revenues | 1.75 bn | 1.56 bn | ▲ 12% |
| Gross (AUMs) | 401.45 bn | 217.09 bn | ▲ 85.1% |
| o/w Own AuMs | 123.08 bn | 82.42 bn | ▲ 49.5% |
| o/w 3rd Party AuMs | 278.36 bn | 134.67 bn | ▲ 108.8% |
Gross revenues rose by 12% year-on-year, driven primarily by higher management fees. Total AUM grew by 85%, supported by sustained client acquisition and positive net asset inflows.. 3rd party AuMs grow >100% driven by increased inflows from existing customers and new customers boarded.
Operating Performance
| Key figures (in Naira billion, unless otherwise noted) | |||
| HY 2025 | HY 2024 | %∆ | |
| Insurance Service Result (Group) | 9.21 bn | 9.21 bn | ▲ 0% |
| o/w Property & Casualty | 4.40 bn | 3.81 bn | ▲ 16% |
| o/w Life & Savings | 1.79 bn | 2.61 bn | ▼ 32% |
| o/w Health | 3.02 bn | 2.79 bn | ▲ 8% |
Overall underwriting performance was flat year-on-year, as a 16% improvement in the Property & Casualty (P&C) business was offset by a 32% decline in the Life business. The Health Insurance business delivered a resilient performance of 8% growth in insurance service results supported by a 48% growth in insurance revenues. The 50% rise in insurance service expenses was driven primarily by elevated claims in the fire and energy portfolios of the P&C segment, as well as increased claims within the life business impacting its insurance service results. Looking ahead, we are confident in our ability to improve underwriting results through targeted portfolio optimization, refined pricing strategies, and continued growth.
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| Key figures (in Naira billion, unless otherwise noted) | |||
| HY 2025 | HY 2024 | %∆ | |
| Profit Before Tax (Group) | 7.73 bn | 28.57 bn | ▼ 73% |
| o/w Property & Casualty | 3.24 bn | 14.59 bn | ▼ 78% |
| o/w Life & Savings | 0.93 bn | 0.35 bn | ▲ 168% |
| o/w Health | 2.48 bn | 8.67 bn | ▼ 71% |
| o/w Asset Mgt. & APD | 1.09 bn | 4.96 bn | ▼ 78% |
| Key figures (in Naira billion, unless otherwise noted) | |||
| HY 2025 | HY 2024 | %∆ | |
| Underlying Earnings (Group) | 7.46 bn | 5.53 bn | ▲ 35% |
| o/w Property & Casualty | 3.76 bn | 2.19 bn | ▲ 72% |
| o/w Life & Savings | 0.64 bn | 1.28 bn | ▼ 50% |
| o/w Health | 2.23 bn | 1.61 bn | ▲ 38% |
| o/w Asset Mgt. & APD | 0.83 bn | 0.45 bn | ▲ 86% |
**Underlying Earnings (before tax)– This refers to earnings (profits) that eliminate exceptional and non-recurring income and expenses including fair value gains/losses, foreign exchange gains/losses, capital gains/losses. **
Profit before tax declined by 73% year-on-year. The dip was primarily driven by the absence of significant foreign exchange (FX) gains, which bolstered HY 2024 PBT due to the Naira devaluation. This underscores the volatility of non-operating income and its impact on overall profitability.
Despite the decline in profitability, the business recorded a strong growth in investment income of 67% and underlying earnings growth of 35% which indicates a better performance in our core operations and a potential to generate increasing returns from core operations.
Impact of FX gains on the overall PBT for the group in Prior year (HY 2024) was .23.98b compared to 160m exchange loss in HY25. Excluding this from the performance of both periods under review, PBT would have grown by 72% YoY.
Financial Position
| Key figures (in Naira billion, unless otherwise noted) | |||
| HY 2025 | FY 2024 | %∆ | |
| Total Assets | 234.02 bn | 193.61 bn | ▲ 21% |
| Total Liability | 171.28 bn | 140.73 bn | ▲ 22% |
| Total Equity | 62.74 bn | 52.88 bn | ▲ 19% |
| o/w Shareholders’Fund | 56.99 bn | 47.11 bn | ▲ 21% |
Total Asset: Assets grew by 21% to .234.02bn, driven mainly by a notable increase in reinsurance asset and financial assets, which constitute 67% of total assets. The growth in reinsurance assets reflects higher expected recoveries in line with insurance activity during the period.
Total Liability: Liability increased by 22% vs FY 2024. This is attributable to growth in insurance contract liabilities (72%), which constitutes 67% of total liabilities.
Total Equity: Equity grew 19% vs FY 2024. Growth in Equity is underpinned by the 20% growth in retained earnings. Shareholder’s funds stood at .57bn from .47bn FY24 driven by profits in HY 2025. Therefore, improvement in retained earnings remains a key driver of increased shareholders’ fund.
| Financial Position Metrics | |||
| HY 2025 | HY 2024 | %∆ | |
| Return on Average Equity | 11.8% | 47.3% | ▼35.5 pts |
| Return on Average Asset | 3.6% | 16.0% | ▼12.4 pts |
| Underlying Return on Equity | 9.3% | 6.7% | ▲2.6 pts |
| Underlying Return on Asset | 2% | 2% | ▲0 pts |
Underlying return on equity– This refers to earnings (profits) that eliminate exceptional and non-recurring income and expenses including fair value gains/losses, foreign exchange gains/losses, capital gains/losses divided by Total Equity
Underlying return on asset– This refers to earnings (profits) that eliminate exceptional and non-recurring income and expenses including fair value gains/losses, foreign exchange gains/losses, capital gains/losses divided by Total Asset
Return on Equity: Return on equity declined by 35.5 percentage points to 11.8% in HY 2025 (HY 2024: 47.3%), reflecting the impact of a 73% year-on-year drop in operating profit to .6.80 billion (HY 2024: .25.12 billion). This decline was primarily driven by the absence of significant foreign exchange gains that materially boosted prior-year results. Excluding this non-recurring FX impact, underlying return on equity improved by 2.6 percentage points to 9.3% (HY 2024: 6.7%), underscoring the continued strength and resilience of the Group’s core business fundamentals..
Shareholders’ Fund increased by 21% to .57 billion (FY 2024: .47 billion), supported by growth in retained earnings. The Group remains focused on disciplined capital allocation and sustained value creation for shareholders.
Return on Asset: (ROA) declined by 12.4 percentage points compared to FY 2024, primarily due to a 73% dip in profitability alongside a 21% increase in total assets. The decline was majorly impacted by the absence of significant foreign exchange gains that materially boosted prior year results. Excluding this non-recurring FX impact, underlying return on asset would have remained flat year-on-year
Key Ratios
| Group Financials: Ratios | June-25 | Jun-24 | ∆ (%) | ||
| Operating Expense Ratio | 12.9% | 13.2% | -0.2 pts | ||
| Underwriting Expense Ratio | 11.2% | 8.4% | 2.9 pts | ||
| Loss Ratio | 56.9% | 47.9% | 9.1 pts | ||
| Reinsurance Expense Ratio | 20.5% | 29.7% | -9.3 pts | ||
| Earnings Per Share | 76 | 265 | -71% | ||
Summary Financial Statements
|
Key figures (in billion Naira, unless otherwise noted) | |||
| Group P&L | HY 2025 | HY 2024 | YoY Change |
| Insurance revenue | 81.15 bn | 65.62 bn | 24% |
| Insurance service Expenses | (55.33 bn) | (36.90 bn) | 50% |
| Net expenses from reinsurance contracts held | (16.61 bn) | (19.52 bn) | -15% |
| Insurance service result | 9.21 bn | 9.21 bn | 0% |
| Interest Income calculated using effective interest rate method | 5.99 bn | 3.14 bn | 91% |
| Other Investment Revenue | 1.01 bn | 23.77 bn | -96% |
| Net impairment losses/Writebacks on Financial Assets | (0.17 bn) | (0.15 bn) | na |
| Impairment loss Non-financial assets | 0.17 bn | 0.00 bn | na |
| Net finance (expense)/income from reinsurance contracts | (0.00 bn) | 0.00 bn | na |
| Net Investment income | 7.0 bn | 26.76 bn | -74% |
| Other income | 2.54 bn | 1.93 bn | 31% |
| Expenses for marketing and administration | (1.55 bn) | (1.82 bn) | -15% |
| Employee benefit expense | (3.90 bn) | (3.00 bn) | 30% |
| Other operating expenses | (5.05 bn) | (3.82 bn) | 32% |
| Finance cost | (0.52 bn) | (0.68 bn) | -24% |
| Profit before tax | 7.73 bn | 28.57 bn | -73% |
| Income tax expense | (0.93 bn) | (3.46 bn) | -73% |
| Profit for the year | 6.80 bn | 25.12 bn | -73% |
Key figures (in billion Naira, unless otherwise stated)
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Transition and Strategic Alignment
Transition and strategic alignment remain key priorities for us. In HY 2025, we have focused on strengthening our financial performance, unlocking new opportunities, and advancing One AXA initiatives. Through ongoing optimization efforts across core projects such as our new core business application and distribution, we continue to build a stronger, more agile business.
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 April 11, 2025. The ratings reflect AXA Mansard’s strong balance sheet strength, adequate operating performance, limited business profile, and appropriate enterprise risk management, as assessed by AM Best, alongside rating enhancement from its ultimate parent, AXA S.A.
