AXA Mansard Insurance Plc, has sustained its growth momentum in the first half of 2025 with a 24 per cent year-on-year rise in insurance revenues to N81.15 billion under the new IFRS 17 reporting standards.
Earnings from its Property and Casualty portfolio rose by 10 per cent to N35.43 billion, Life and Savings climbed by 17 per cent to N14.15 billion, while the Health segment expanded by 48 per cent growth to N31.58 billion.
The strong financial performance of the member of AXA Group for the half-year ended June 30, 2025, was disclosed in the financial statements submitted to the Nigerian Exchange (NGX) Limited.
However, it was observed that Gross Written Premiums (GWPs) grew by 23 per cent to N115.31 billion, supported by double-digit expansion across all verticals.
In the same development, Property and Casualty premiums rose by 11 per cent to N52.60 billion, as Life and Savings jumped by 18 per cent to N16.78 billion, and Health premiums soared by 41 per cent to N45.93 billion, underscoring strong demand for healthcare-related insurance solutions amid rising awareness and healthcare costs.
The results reaffirm AXA Mansard’s position as one of Nigeria’s leading composite insurers and signal a continuation of its strategic priorities to expand market share, innovate product offerings, and deepen insurance penetration in Nigeria.
According to the Chief Financial Officer of AXA Mansard, Mrs Ngozi Ola-Israel, the company’s top line growth was driven by strong renewal rates and consistent traction from new business across key product lines.
She said, “In HY 2025, we recorded a 24 per cent year-on-year growth in insurance revenues, reinforced 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.”
Despite the strong revenue performance, profit before tax declined by 73 per cent to N7.73 billion due to the non-recurrence of significant foreign exchange gains recorded in the prior year.