AXA Mansard profit jumps 81% to ₦10.9bn on stronger underwriting

AXA Mansard Insurance Plc made a profit after tax of ₦10.9 billion in the first nine months of 2026, an 81 per cent rise from the same period last year, according to its latest results.

The insurer's profit before tax more than doubled to ₦12.9 billion, from ₦6.1 billion a year earlier, the results for the period ended September 2026 show.

The company said the growth came from stronger underwriting and investment results across its property and casualty, life and savings, and health businesses.

Where the money came from

Insurance revenue rose 19 per cent to ₦143.1 billion, up from ₦120.5 billion in the same period of 2025.

Gross written premiums, the total value of policies sold, grew 18 per cent to ₦169.5 billion. Health was the biggest contributor, with premiums in that segment up 33 per cent to ₦76.5 billion.

Life and savings premiums rose 26 per cent to ₦27.6 billion, while property and casualty premiums edged up two per cent to ₦65.4 billion.

Underwriting results improved sharply. Insurance service results rose 86 per cent to ₦19.2 billion, helped in part by a 13 per cent drop in insurance service expenses.

Health posted the biggest jump in underwriting results, up 119 per cent to ₦6.8 billion. Life and savings rose 92 per cent to ₦3.8 billion, and property and casualty gained 64 per cent to ₦8.7 billion.

Total assets grew 14 per cent to ₦260.7 billion, and shareholders' funds rose 19 per cent to ₦62.5 billion. Return on equity stood at 17.8 per cent.

What it means for policyholders

For everyday Nigerians, a stronger insurer matters most when it is time to pay a claim. The company says it is focused on disciplined underwriting and settling claims properly as it enters the final quarter of the year.

Chief Financial Officer Ngozi Ola-Israel said the revenue growth was supported by new business and better customer retention. She said the company would keep its focus on cost control and a stronger balance sheet.

Chief Executive Officer Kunle Ahmed said the results reflect customer and partner confidence in the company's mix of insurance products.

Ahmed also said AXA Mansard has met the new minimum capital requirements set by the National Insurance Commission (NAICOM), the industry regulator. He said the company is preparing for the regulator's proposed risk-based capital rules under the Nigerian Insurance Industry Reform Act 2025.

That law raised the capital insurers must hold, putting pressure on smaller operators to recapitalise or merge.

Not everything went up. Foreign exchange swings cost the group ₦4.3 billion in the third quarter, more than the ₦2.3 billion loss recorded in the same quarter of 2025.

What happens next: The company closes out 2026 with its full-year results, and the industry watches how insurers use their bigger capital buffers to take on more risk and pay claims faster.