Insurance underwriter AXA Mansard Insurance Plc closed the first half of 2026 with a 14 per cent rise in profit after tax to ₦7.8 billion, extending a growth run the company says leaves it in a solid position to satisfy the fresh minimum capital thresholds set out under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The half-year numbers land at a time when insurers across the industry are shoring up their finances ahead of the sector-wide recapitalisation exercise, with many firms leaning harder into underwriting discipline, digital tools and expanded operations to keep profits up despite a tough macroeconomic backdrop.
According to the company’s unaudited results, insurance revenue climbed 19 per cent year-on-year to ₦96.5 billion, up from ₦81.2 billion in the same period last year. Gross Written Premium rose 17 per cent to ₦134.9 billion, driven by growth across the firm’s Property and Casualty, Life, and Health segments.
Health insurance was the standout performer, with premiums up 32 per cent to ₦60.6 billion. Life and Savings followed with 21 per cent growth to ₦20.4 billion, while Property and Casualty premiums edged up 3 per cent to ₦54 billion.
Insurance Service Result jumped 43 per cent to ₦13.2 billion, pointing to stronger underwriting across the board, and earnings per share grew 15 per cent.
A ₦2.9 billion foreign exchange loss weighed on the headline figure, but the company’s core earnings held up well — stripping out the FX hit, profit after tax would have grown 54 per cent to ₦10.7 billion, a sign of real gains in underwriting and investment income.
AXA Mansard’s Chief Financial Officer, Ngozi Ola-Israel, linked the results to better customer retention, new business growth and improved underwriting outcomes, adding that the company remains focused on disciplined underwriting, cost control and balance sheet strength going forward. “In H1 2026, we sustained topline momentum with a 19 per cent year-on-year increase in insurance revenues, underpinned by strong performance across all segments,” she said, noting that excluding FX effects, profit growth would have reached 54 per cent.
Chief Executive Officer Kunle Ahmed said the results reflect the strength of the company’s diversified business model even amid ongoing economic pressures. He confirmed the group is well placed to meet NAICOM’s new capital requirements, pointing to what he described as a robust balance sheet. Ahmed said the insurer would keep prioritising profitable growth, tighter underwriting standards, cost discipline, and continued investment in digital technology and data analytics as economic conditions improve.
He framed the results as part of a wider trend among leading insurers balancing premium growth with underwriting profitability in the face of inflation, currency volatility and rising costs — and said the industry’s recapitalisation push is prompting operators to strengthen capital positions, sharpen efficiency and invest in technology to serve customers better.
The company’s total assets grew 18 per cent to ₦269.9 billion, while shareholders’ funds rose 11 per cent to ₦58 billion — figures that bolster its standing ahead of the recapitalisation deadline.
The results arrive as Nigeria’s insurance sector works to meet the capital provisions of NIIRA 2025, aimed at building stronger insurers capable of underwriting large-scale risks in sectors like oil and gas, aviation, marine and infrastructure. With continued growth in revenue, underwriting income and profitability, AXA Mansard looks positioned to tap into Nigeria’s still-underpenetrated insurance market while building long-term value for shareholders and policyholders through stronger capital, operational efficiency and disciplined execution.
Do you consider this a good result?
