AXA Mansard Insurance Plc, a member of the AXA Group, announces its financial results for H1 2026.
- IFRS 17 Insurance revenues up 19% to ₦96.5bn
- Property & Casualty up 18% to ₦41.7bn
- Life & Savings up 13% to ₦16.0bn
- Health up 23% to ₦38.8bn
- Gross Written Premiums up 17% to ₦134.9bn
- Property & Casualty up 3% to ₦54.0bn
- Life & Savings up 21% to ₦20.4bn
- Health up 32% to ₦60.6bn
Commenting on the results, Mrs. Ngozi Ola-Israel, the Chief Financial Officer said, ” In H1 2026, we sustained topline momentum with a 19% year-on-year increase in insurance revenues, underpinned by strong performance across all segments driven by our drive for new business and improvement retention metrics.
We delivered strong Profits After Tax of ₦7.8bn reflecting a 14% YoY increase and a much stronger growth in the underlying earnings trajectory. If we exclude foreign exchange impacts from both periods, profit after tax would have grown 54% YoY, a reflection of the significant improvement in the underwriting and investment results. We remain committed to disciplined underwriting, cost optimization and balance sheet strengthening as key pillars of our strategy to deliver sustainable long-term value for our shareholders.”.
Also commenting on AXA Mansard’s H1 ’26 financials, Mr. Kunle Ahmed, the Chief Executive Officer, AXA Mansard Insurance, said ” The Group’s strong topline performance across all business lines reflects the continued trust of our customers, brokers and partners. This performance reinforces the resilience of our diversified portfolio in a challenging operating environment, and demonstrates the sustained progress made through the first half of the year.
On capital adequacy, I am pleased to confirm that the Group remains well positioned to meet the new Minimum Capital Requirements stipulated by the NAICOM, underscoring the strength of our balance sheet and our commitment to maintaining a robust capital base.
Looking ahead, our priorities remain centred on accelerating profitable growth, strengthening underwriting and cost discipline, and deepening our digital and data capabilities. As macroeconomic conditions stabilise and foreign exchange headwinds moderate, we expect the strong underlying earnings momentum already evident in our first-half performance to become increasingly visible at the bottom line. With a strong balance sheet, improving fundamentals, and a clear strategic focus, the Group is well positioned to deliver sustainable long-term value for our shareholders as we head into the second half of the year.”
AMIPLC/MKT/MEMO/07/2026
Overview of Business Segments- H1’26
| Key figures (in Naira billion, unless otherwise noted) | |||
| H1 ’26 | H1 ’25 | %∆ | |
| Insurance revenues (Group) | 96.5 bn | 81.2 bn | ▲ 19% |
| o/w Property & Casualty | 41.7 bn | 35.4 bn | ▲ 18% |
| o/w Life & Savings | 16.0 bn | 14.1 bn | ▲ 13% |
| o/w Health | 38.8 bn | 31.6 bn | ▲ 23% |
Insurance revenues improved by 19% YoY (96.49bn vs 81.2bn). All three lines of business contributed positively to this outcome: P&C (+18%), L&S (+13%) and Health (+23%) The performance underscores the continued expansion of our distribution network, improved customer retention, deeper penetration within our existing account base, and incremental contributions from recently acquired businesses.
| Key figures (in Naira billion, unless otherwise noted) | |||
| H1 ’26 | H1 ’25 | %∆ | |
| Gross Written Premium (Group) | 134.9 bn | 115.3 bn | ▲ 17% |
| o/w Property & Casualty | 54.0 bn | 52.6 bn | ▲ 3% |
| o/w Life & Savings | 20.4 bn | 16.8 bn | ▲ 21% |
| o/w Health | 60.6 bn | 45.9 bn | ▲ 32% |
Gross written premium grew 17% YoY to (₦134.9bn vs ₦115.3bn), reflecting sustained momentum in new business acquisition and stronger retention across the portfolios. Growth was broad-based across all segments, with Health leading (+32%), followed by L&S (+21%) and P&C (+3%). P&C growth was modest, as solid performances in Fire, General Accident and Motor were partially offset by contraction in the Oil & Energy and Marine hull portfolios. Health segment maintained its strong momentum, underpinned by key account renewals and new business wins. Within L&S, Group Life continued to anchor the segment, accounting for 60% of total Life volumes and sustaining the overall growth trajectory. Our diversified distribution network remains a key enabler of premium growth across all business lines.
| Key figures (in Naira billion, unless otherwise noted) | ||||
| H1 ’26 | H1 ’25 | %∆ | ||
| Gross revenues (IFRS 17 revenues) | 41.7 bn | 35.4 bn | ▲ | 18% |
| o/w Fire | 9.4 bn | 8.4 bn | ▲ | 12% |
| o/w Accident | 2.5 bn | 2.0 bn | ▲ | 26% |
| o/w Motor | 3.8 bn | 3.1 bn | ▲ | 21% |
| o/w Marine | 1.3 bn | 0.9 bn | ▲ | 48% |
| o/w Engineering | 1.0 bn | 0.8 bn | ▲ | 34% |
| o/w Oil & Energy | 23.1 bn | 19.5 bn | ▲ | 18% |
| o/w Aviation | 0.6 bn | 0.8 bn | ▼ | 22% |
Property and Casualty
P&C insurance revenues grew 18% YoY in H1 2026, driven by strong performances across Fire, General Accident, Energy and Motor portfolios. This growth was underpinned by successful renewals of major accounts and new customer acquisition across both corporate and retail segments, with Aviation remaining a modest drag on overall performance. The continued expansion of our customer base and sustained traction in core product lines reflect the strength of our distribution strategy and reinforce our competitive positioning.
Life and Savings
| Key figures (in Naira billion, unless otherwise noted) | |||
| H1 ’26 | H1 ’25 | %∆ | |
| Gross revenues (IFRS 17 revenues) | 16.0 bn | 14.1 bn | ▲ 13% |
| o/w Group Life | 8.3 bn | 6.8 bn | ▲ 22% |
| o/w Individual Life | 7.7 bn | 7.3 bn | ▲ 5% |
The Life & Savings segment recorded gross revenue growth of 13% year-on-year in H1, a marked improvement from the 2% growth reported in Q1. Group Life remained the primary growth driver, contributing 60% of total Life volumes, with growth accelerating to 22% YoY, supported by strong renewals and new business wins. Individual Life returned to growth, up 5%, as the key products began gaining traction following recent modifications resulting in a reversal from the decline recorded in Q1. Enhanced agent productivity and the continued expansion of our digital footprint further supported distribution efficiency across the segment, reinforcing the positive momentum built through the first half of the year.
Health
| Key figures (in Naira billion, unless otherwise noted) | |||
| H1 ’26 | H1 ’25 | %∆ | |
| Gross revenues (IFRS 17 revenues) | 60.6 bn | 45.9 bn | ▲ 32% |
| o/w Local | 56.7 bn | 42.4 bn | ▲ 34% |
| o/w International | 3.8 bn | 3.6 bn | ▲ 8% |
The Health segment recorded gross revenue growth of 32% year-on-year in H1 2026, reflecting strong momentum across both local and international lines. Local portfolio remained the primary growth driver, contributing the bulk of total Health volumes, with growth accelerating to 34% YoY, supported by strong renewals and new business wins. International business also sustained growth, up 8% supported by steady retention.
Operating Performance
| Key figures (in Naira billion, unless otherwise noted) | ||||
| H1 ’26 | H1 ’25 | %∆ | ||
| Insurance Service Result (Group) | 13.2 bn | 9.2 bn | ▲ | 43% |
| o/w Property & Casualty | 7.0 bn | 4.2 bn | ▲ | 66% |
| o/w Life & Savings | 2.5 bn | 1.8 bn | ▲ | 41% |
| o/w Health | 3.7 bn | 3.2 bn | ▲ | 16% |
In H1 2026, we recorded an Insurance Service Result (Group) of ₦13.21bn, representing a 43% YoY increase from
₦9.21bn, reflecting sustained improvement in underwriting performance across the group. This was primarily driven by a strong P&C segment, where the Insurance Service Result grew 66% to ₦6.97bn, supported by a 10% YoY decline in insurance service expenses on the back of continued improvement in claims experience and disciplined underwriting execution. Life & Savings recorded a strong recovery, with Insurance Service Result up 41% to ₦2.51bn, reversing the pressure seen earlier in the year as claims and reserving trends within the Individual Life business stabilized. The Health segment grew 16% to ₦3.73bn, as strong topline growth helped absorb the impact of a 16% YoY increase in insurance service expenses.
Overall, the group’s Insurance Service Result trajectory strengthened through the first half of the year, with all three segments contributing positively a marked improvement from the segment-level pressures observed in Q1. We remain focused on disciplined portfolio optimization, refined pricing actions, and strengthened cost management to sustain this momentum, while continued initiatives within L&S and Health aim to further consolidate the improved claims experience achieved through H1.
| Key figures (in Naira billion, unless otherwise noted) | ||||
| H1 ’26 | H1 ’25 | %∆ | ||
| Profit After Tax (Group) | 7.8 bn | 6.8 bn | ▲ | 14% |
| o/w Property & Casualty | 3.8 bn | 2.8 bn | ▲ | 35% |
| o/w Life & Savings | 0.9 bn | 0.6 bn | ▲ | 45% |
| o/w Health | 2.5 bn | 2.5 bn | ▲ | 2% |
| o/w Asset Mgt. & APD | 0.5 bn | 0.8 bn | ▼ | 40% |
| PAT excluding FX impact | 10.7 bn | 7.0 bn | ▲ | 54% |
Profit after tax (PAT) grew by 14% year-on-year to ₦7.8bn, supported by strong underlying performance in Property & Casualty (P&C) and Life & Savings (L&S), which grew 35% and 45% respectively, on the back of improved underwriting results. The Health segment also recorded a marginal growth in bottom line largely supported by strong growth in revenue. Performance was partially offset by decline in Asset Management & APD (-40%), reflecting elevated operating expenses driven by relatively high-cost operating environment and increased investments to support business growth.
Importantly, PAT excluding FX impact grew 54% year-on-year to ₦10.7bn, up from ₦7.0bn, underscoring the strength of underlying operating performance across the group. The moderation in headline PAT growth reflects a FX loss of ₦2.9bn recorded in H1 2026, compared to a much smaller FX loss of ₦160mn in the prior period. This swing masks the strong underlying earnings momentum. Excluding this effect, the Group’s core earnings trajectory remains firmly positive, reinforcing the resilience of our underwriting and operational fundamentals despite continued FX volatility.
| Financial Position Metrics | |||
| H1 ’26 | H1 ’25 | %∆ | |
| Return on Average Equity | 13.2% | 12.5% | ▲ 0.7 pts |
| Return on Average Asset | 3.1% | 3.2% | ▼ 0.1 pts |
Return on Equity: (ROE) improved by 0.7 percentage points, from 12.5% in H1 2025 to 13.2% in H1 2026, reflecting the Group’s improved operating performance, with PAT growing 14% year-on-year (54% excluding FX impact) to
₦7.8bn. This improvement was achieved despite continued growth in the shareholders’ equity base, underscoring stronger underlying profitability generation relative to capital employed. As a Group, we remain committed to delivering sustained value to our shareholders.
Return on Asset: (ROA) declined marginally by 0.1 percentage points, from 3.2% to 3.1%, as growth in total assets modestly outpaced profitability growth over the period. The expansion in the asset base reflects the Group’s ongoing strategy to strengthen its balance sheet and underwriting capacity, positioning the business for sustained long-term performance.
Financial Position
| Key figures (in Naira billion, unless otherwise noted) | ||||
| H1 ’26 | FY 2025 | %∆ | ||
| Total Assets | 269.9 bn | 227.9 bn | ▲ | 18% |
| Total Liability | 208.1 bn | 171.9 bn | ▲ | 21% |
| Total Equity | 61.8 bn | 56.1 bn | ▲ | 10% |
| o/w Shareholders’Fund | 58.0 bn | 52.3 bn | ▲ | 11% |
Total Asset: Assets grew by 18% to ₦269.87bn, driven mainly by a notable increase in financial assets and reinsurance assets, which constitute 61% 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 21% vs FY 2025. This is attributable to growth in insurance contract liabilities (50%), which constitutes 66% of total liabilities.
Total Equity: Equity grew 10% YoY to ₦62bn from ₦56bn in FY 2025, driven primarily by an increase in retained earnings (+22%), reflecting the Group’s continued ability to generate and reinvest profits. This strengthens the overall shareholders’ funds position and reinforces the Company’s capital base.
Key Ratios
| Group Financial-Ratios | Jun-26 | Jun-25 | ∆ (%) | ||
| Operating Expense Ratio | 12.8% | 12.9% | -0.1 pts | ||
| Underwriting Expense Ratio | 10.9% | 11.2% | -0.3 pts | ||
| Loss Ratio | 52.4% | 56.9% | -4.5 pts | ||
| Reinsurance Expense Ratio | 23.0% | 20.5% | +2.5 pts | ||
| Earnings Per Share | 87 | 76 | 15% | ||
Summary: Financial Statements
| Key figures (in Naira billion, unless otherwise noted) | |||
| GROUP P&L | H1 ’26 | H1 ’25 | YoY change |
| Insurance revenue | 96.5 bn | 81.2 bn | 19% |
| Insurance service Expenses | (61.1 bn) | (55.3 bn) | 10% |
| Net expenses from reinsurance contracts held | (22.1 bn) | (16.6 bn) | 33% |
| Insurance service result | 13.2 bn | 9.2 bn | 43% |
| Interest Income calculated using effective interest rate method | 6.5 bn | 6.0 bn | 9% |
| Other Investment Revenue | (2.2 bn) | 1.0 bn | -313% |
| Net impairment losses/Writebacks on Financial Assets | 0.0 bn | (0.2 bn) | na |
| Impairment loss on Non-financial assets | 0.3 bn | 0.2 bn | na |
| Net finance (expense)/income from reinsurance contracts | 0.0 bn | (0.0 bn) | na |
| Net Investment income | 4.7 bn | 7.0 bn | –33% |
| Other income | 3.2 bn | 2.5 bn | 25% |
| Expenses for marketing and administration | (1.5 bn) | (1.6 bn) | -5% |
| Employee benefit expense | (5.2 bn) | (3.9 bn) | 33% |
| Other operating expenses | (5.7 bn) | (5.1 bn) | 13% |
| Finance cost | (0.3 bn) | (0.5 bn) | -33% |
| Profit before tax | 8.4 bn | 7.7 bn | 9% |
| Income tax expense | (0.6 bn) | (0.9 bn) | -31% |
| Profit for the year | 7.8 bn | 6.8 bn | 14% |
Key figures (in billion Naira, unless otherwise stated)
| GROUP | H1 ’26 | H1 ’25 | YoY Change |
| Asset | 269.9 bn | 227.9 bn | 18% |
Cash and cash equivalent Investment securities Investments in Subsidiaries Loan and receivables PPE & Intagible assets Reinsurance Contract Assets Statutory dep., RI assets & other  Liabilities Insurance contract liabilities Investment contract liabilities o/w amortized cost o/w designated fair value Other technical liabilities Trade and other liabilities Deferred tax liability Total Equity | 36.2 bn | 39.6 bn | -9% |
| 123.1 bn | 112.6 bn | 9% | |
| 0.0 bn | 0.0 bn | na | |
| 23.3 bn | 6.1 bn | 283% | |
| 7.2 bn | 5.5 bn | 31% | |
| 41.0 bn | 28.9 bn | 42% | |
| 39.2 bn | 35.3 bn | 11% | |
| 208.1 bn | 171.9 bn | 21% | |
| 137.5 bn | 91.5 bn | + 50% | |
| 13.9 bn | 12.6 bn | + 10% | |
| 10.6 bn | 9.4 bn | + 12% | |
| 3.3 bn | 3.2 bn | + 4% | |
| 22.0 bn | 31.4 bn | – 30% | |
| 27.9 bn | 28.6 bn | – 2% | |
| 6.8 bn | 7.8 bn | – 12% | |
| 61.8 bn | 56.1 bn | 10% |
Strategic Alignment
We kicked off 2026 with a strong emphasis on transition and strategic alignment, using the first half of the year to translate our long-term ambitions into disciplined execution embedding structure across our strategic goals, establishing clear ownership of strategic initiatives, strengthening performance tracking, and reinforcing accountability across teams. At the same time, we drove closer alignment to value delivery while advancing the One AXA agenda through improved collaboration and more integrated planning, prioritizing the clarity, coordination, and momentum required to execute effectively through the rest of the year.
This focus on execution was reflected in key initiatives delivered during this quarter, including AXA Week for Good under the theme “Being a Child Shouldn’t be a Risk,” and the launch of Karis, our WhatsApp chatbot for AXA Mansard Health, as we continue to enhance customer engagement and accessibility. Our commitment to service excellence and community impact was also externally recognized, with AXA Mansard Health receiving the Community Hero Award from LUTH, and Afri-global HMO honoring our Health business with the HMO of the Year award.
AM Best Rating: AXA Mansard Insurance Plc’s Financial Strength Rating of B+ (Good) and Long-Term Issuer Credit Rating of “bbb-” (Good) have been affirmed by AM Best, with the outlook revised to stable from negative as of March 25, 2026. The affirmation reflects the company’s strong balance sheet strength, adequate operating performance, limited business profile, and appropriate enterprise risk management framework, as assessed by AM Best. The ratings also benefit from uplift derived from its ultimate parent, AXA S.A.
| Please note that the financial figures and information in this press release are being released solely for the comparative purposes described in this press release. |
NOTE TO EDITOR:
About the AXA Group
The AXA Group is a worldwide leader in insurance and asset management, with 147,000 employees serving 94 million clients in 50 countries. In 2023, IFRS17 revenues amounted to Euro 102.7 billion and IFRS17 underlying earnings amounted to Euro 7.6 billion. AXA had Euro 946 billion in assets under management, including assets managed on behalf of third parties, as of December 31, 2023.
The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY. The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable
Insurance and a signatory of the UN Principles for Responsible Investment.
About AXA Mansard
AXA Mansard was incorporated in 1989 as a private limited liability company and is registered as a composite company with the National Insurance Commission of Nigeria (NAICOM). The Company offers life and non-life insurance products and services to individuals and institutions across Nigeria whilst also offering asset/investment management services and health insurance solutions through its two subsidiaries – AXA Mansard Investments Limited and AXA Mansard Health Limited respectively. AXA Mansard was listed on the Nigeria Stock Exchange in November 2009.
For further enquiries:
marketingteam@axamansard.com : +234 1 279 3484 ext. 3484
Oluwayemisi.Toni-Akinola@axamansard.com
InvestorRelations@axamansard.com
IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES
Certain statements contained herein may be forward-looking statements, including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause AXA Mansard’s actual results to differ materially from those expressed or implied in such forward-looking statements. AXA Mansard undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.
In addition, this press release refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management in analysing AXA Mansard’s operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA Mansard’s results. These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. The treatment of certain non-GAAP financial measures for these purposes may change over time in connection with the development of IFRS 17/9 reporting practices.
