By Kehinde Ibrahim, Lagos
AXA Mansard Insurance Plc has strengthened its financial position in the first half of 2026, recording a 14 per cent year-on-year increase in profit after tax to ₦7.8 billion, as the insurer continues to expand its core businesses and improve underwriting performance.
The company’s half-year results also indicate that AXA Mansard remains well positioned to meet the new minimum capital requirements introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, amid efforts by insurers to reinforce their balance sheets and enhance their capacity to underwrite larger risks.
The unaudited financial statements showed that insurance revenue increased by 19 per cent to ₦96.5 billion in H1 2026, compared with ₦81.2 billion recorded in the corresponding period of 2025. Gross Written Premium (GWP) also rose by 17 per cent to ₦134.9 billion, reflecting continued expansion across the company’s Property and Casualty, Life and Health businesses.
Health insurance emerged as the strongest-performing business segment during the period, with premiums rising by 32 per cent to ₦60.6 billion. The Life and Savings business followed with a 21 per cent increase to ₦20.4 billion, while Property and Casualty premiums grew by three per cent to ₦54 billion.
The insurer’s Insurance Service Result also recorded significant improvement, rising by 43 per cent to ₦13.2 billion. The performance points to stronger underwriting across the company’s business segments, while earnings per share increased by 15 per cent during the period.
AXA Mansard’s bottom-line performance was achieved despite a ₦2.9 billion foreign exchange loss recorded during the period. The company said that when the impact of foreign exchange losses is excluded, profit after tax would have increased by 54 per cent to ₦10.7 billion.
This, according to the company, demonstrates the strength of its underlying earnings and reflects improvements in underwriting performance and investment income.
Commenting on the results, the Chief Financial Officer of AXA Mansard, Ngozi Ola-Israel, attributed the company’s performance to improved customer retention, growth in new business and stronger underwriting execution.
She said the company would continue to focus on disciplined underwriting, cost optimisation and balance-sheet strengthening as part of efforts to achieve sustainable long-term growth and create value for shareholders.
Ola-Israel said the company sustained its topline momentum during the period, supported by growth across its business segments and improvements in customer retention.
According to her, the ₦7.8 billion profit after tax represented a 14 per cent year-on-year increase, while underlying earnings recorded substantially stronger growth after adjusting for the impact of foreign exchange movements.
The Chief Executive Officer of AXA Mansard, Kunle Ahmed, described the company’s half-year performance as evidence of the resilience of its diversified business model in the face of prevailing economic pressures.
Ahmed said the insurer remained adequately positioned to satisfy the new minimum capital requirements stipulated by the National Insurance Commission (NAICOM), stressing that the strength of the company’s balance sheet provides a solid foundation for future expansion.
He said, “On capital adequacy, I am pleased to confirm that the Group remains well positioned to meet the new minimum capital requirements stipulated by NAICOM, underscoring the strength of our balance sheet and our commitment to maintaining a robust capital base.”
The AXA Mansard CEO added that the company would maintain its focus on profitable growth while strengthening underwriting standards, improving cost discipline and increasing investments in digital technology and data analytics.
He noted that the company’s strategy was designed to enable it respond more effectively to changing market conditions and take advantage of emerging opportunities as the Nigerian economy gradually improves.
The insurer’s financial position also strengthened during the period, with total assets rising by 18 per cent to ₦269.9 billion. Shareholders’ funds increased by 11 per cent to ₦58 billion, further reinforcing the company’s balance sheet.
The improvement in key financial indicators comes at a critical time for Nigeria’s insurance industry, as operators work towards meeting new capital requirements under the NIIRA 2025 and adapt their business models to a more demanding regulatory and competitive environment.
The recapitalisation programme is aimed at strengthening the financial capacity of insurance companies and creating a more resilient industry capable of taking on larger risks across critical sectors of the economy, including oil and gas, aviation, marine, construction and infrastructure.
For insurers, the new capital regime has increased the need for stronger balance sheets, improved risk management, operational efficiency and greater investment in technology. Companies are also under growing pressure to improve customer service and develop products that can broaden insurance penetration across the country.
AXA Mansard’s H1 performance suggests that the company is leveraging its diversified portfolio to navigate these challenges. The growth recorded across its Health, Life and Savings, and Property and Casualty businesses indicates that demand for insurance products remains relatively strong despite inflationary pressures, exchange-rate volatility and elevated operating costs.
The 43 per cent increase in Insurance Service Result is particularly significant, as it points to stronger performance from the company’s core insurance operations. The growth also suggests that the insurer is making progress in balancing premium expansion with underwriting discipline.
The company’s ability to remain profitable despite the foreign exchange loss further highlights the importance of diversification and effective risk management in Nigeria’s increasingly volatile operating environment.
Foreign exchange volatility has remained a major challenge for businesses with exposure to foreign currency-related transactions, affecting costs, investment returns and overall profitability. For insurance companies, effective management of these risks is increasingly important as they seek to preserve capital and maintain adequate liquidity.
The performance of AXA Mansard also comes against the backdrop of renewed efforts to deepen insurance penetration in Nigeria. Despite the size of the country’s economy and population, insurance penetration remains relatively low, leaving significant room for growth.
Industry operators are increasingly turning to digital platforms, data analytics and innovative distribution channels to reach underserved customers, simplify policy acquisition and improve claims management.
For AXA Mansard, continued investment in these areas is expected to support customer retention, improve operational efficiency and strengthen the company’s ability to develop products tailored to changing consumer needs.
The company’s performance also reinforces the importance of disciplined cost management as insurers contend with rising expenses. Maintaining a balance between business expansion and operating efficiency is expected to remain critical to profitability in the months ahead.
The ongoing recapitalisation exercise is equally expected to reshape competition within the insurance sector, as companies with stronger capital positions could be better placed to compete for large corporate and specialised risks.
Higher capital levels could also provide insurers with greater capacity to retain more risks locally, reduce dependence on reinsurance and participate more actively in major infrastructure and investment projects.
AXA Mansard’s declaration that it is well positioned to meet the new minimum capital requirements therefore provides an important indication of its readiness to operate within the emerging regulatory framework.
With insurance revenue, gross written premiums and underwriting performance all recording growth during the first half of the year, the company appears to be building on a stronger operating foundation.
Going forward, the insurer’s ability to sustain premium growth while protecting underwriting margins, managing foreign exchange exposure and controlling operating costs will be critical to maintaining its current growth trajectory.
The company is also expected to continue leveraging technology and data to improve risk assessment, pricing, customer engagement and claims management as competition intensifies across the sector.
For shareholders and policyholders, the latest results point to an insurer with improving earnings, a stronger balance sheet and a diversified business portfolio.
As the Nigerian insurance industry enters a new phase of regulatory and capital reform, AXA Mansard’s first-half performance positions the company to pursue further growth while strengthening its capacity to meet the evolving needs of individuals, businesses and large corporate clients.
The insurer’s focus on profitable growth, underwriting discipline, digital transformation and capital strength will remain central to its strategy as it seeks to consolidate its position in Nigeria’s insurance market and deliver sustainable long-term value to shareholders and policyholders.
