AXA Mansard reports 24% insurance revenue growth
AXA Mansard Insurance Plc, a member of the global AXA Group, has reported a 24 per cent year-on-year increase in insurance revenue for the half-year ended June 30, 2025, reaching N81.15bn under the new IFRS 17 accounting standard.
The company’s performance was supported by growth across all three of its core business segments, Property & Casualty, Life & Savings, and Health, signalling stronger market traction and improved insurance penetration.
Revenue from the Property & Casualty segment grew 10 per cent to N35.43bn, while Life & Savings rose by 17 per cent to N14.15bn. The health insurance segment led the growth, rising 48 per cent to N31.58bn, reflecting increased demand for health-related insurance services amid rising healthcare costs and awareness.
In addition, Gross Written Premiums rose by 23 per cent year-on-year to N115.31bn. A breakdown shows that Property & Casualty premiums rose 11 per cent to N52.60bn, Life & Savings by 18 per cent to N16.78bn, and Health premiums surged by 41 per cent to N45.93bn.
Commenting on the results, the Chief Financial Officer of AXA Mansard, Ngozi Ola-Israel, said the revenue growth was driven by strong policy renewals and consistent inflows from new business across its key product lines.
“In H1 2025, we recorded a 24 per cent growth in insurance revenues, supported by strong renewal ratios and the consistent onboarding of new customers. This performance highlights the effectiveness of our distribution channels and the relevance of our product suite,” she said.
AXA Mansard’s Chief Executive Officer. Kunle Ahmed described the first-half performance as a reflection of the company’s operational strength and strategic direction.
“We delivered a solid revenue performance in the first half of the year, driven by the strength of our core business. Looking ahead, we are focused on preserving margin resilience and positioning the business to benefit from emerging opportunities across our markets,” Ahmed said.
He added that AXA Mansard will maintain its focus on quality growth, prudent risk management, and capital efficiency to navigate the evolving market environment and create long-term value for stakeholders.
“We remain confident in the fundamentals of our business. With our technical expertise, digital transformation agenda, and partnerships, we are well-positioned to strengthen shareholder returns and deliver sustainable value,” he said.
