AXA Mansard H1 pre-tax profit rises to N8.41 billion on stronger underwriting

AXA Mansard Insurance Plc has reported a pre-tax profit of N8.41 billion for the six months ended June 30, 2026, representing an increase of 9% from N7.73 billion recorded in the corresponding period of 2025.

This is contained in the company’s H1 2026 financial statement filed on the Nigerian Exchange (NGX).

For the second quarter of 2026, pre-tax profit stood at N4.83 billion, up from N1.58 billion in the corresponding quarter of 2025.

Key Highlights

• Revenue: N96.49 billion (Up 19% YoY from N81.15 billion)
• Insurance Service Result: N13.21 billion (Up 43% YoY from N9.21 billion)
• Pre-tax Profit: N8.41 billion (Up 9% YoY from N7.73 billion)
• Profit After Tax: N7.77 billion (Up 14% YoY from N6.80 billion)
• Earnings Per Share: 87 kobo (Up 14% YoY from 76 kobo)
• Investment Return: N4.71 billion (Down 32.71% YoY from N7.0 billion)
• Other operating expenses: N5.69 billion (Up 12.67% YoY from N5.05 billion)

Driving the numbers

AXA Mansard’s earnings growth was driven primarily by stronger insurance operations. Insurance revenue rose 19% year-on-year to N96.49 billion, while insurance service result increased 43% to N13.21 billion.

The improvement reflects stronger premium generation across the group and a more favourable underwriting outcome despite higher claims and reinsurance costs.

• The company’s core insurance business remained the largest contributor to group performance. Insurance service expenses increased to N61.13 billion from N55.33 billion, while net expenses from reinsurance contracts rose 33% to N22.15 billion.
• Despite these higher costs, revenue growth was sufficient to expand underwriting profitability.
• Investment performance was mixed during the period. Interest income increased to N6.51 billion from N5.99 billion, reflecting higher yields on investment assets.

However, other investment income recorded a loss of N2.15 billion compared with a gain of N1.01 billion in the prior year, largely due to foreign exchange losses and weaker fair-value movements on investments. As a result, total investment return declined to N4.71 billion from N7.00 billion.

Cost pressures also remained elevated. Employee benefit expenses rose 33% from N3.89 billion to N5.18 billion, while other operating expenses increased 13% to N5.69 billion. Even with these higher operating costs, the company delivered growth in pre-tax and post-tax earnings due to the strength of its insurance service results.

The balance sheet strengthened considerably during the period. Total assets increased to N269.87 billion, while total equity rose to N61.76 billion from N56.05 billion at the start of the year.

Cash and cash equivalents stood at N36.15 billion, supported by positive operating cash flow of N5.70 billion. The group generated strong cash premium inflows of N105.40 billion during the period, reinforcing liquidity and capital strength.

Balance sheet

• Total External Debt: N14.21 billion (Down 3% from N14.60 billion at December 2025)
• Total Assets: N269.87 billion (Up 18% from N227.94 billion)
• Cash Balance: N36.15 billion (Up 160% from N13.89 billion in the corresponding period of 2025)

Market reaction

Axa Mansard’s share price closed at N12 as of June 30, 2026, a 29.7% increase when compared with N9.25 at the corresponding period of 2025.

The share price closed at N13.20 as of July 30, 2026, marking a decrease of 3.65% from N13.70 it closed at the end of 2025.

What you should know

The performance builds on an improved Q1 result where AXA Mansard Insurance Plc reported a 20% year-on-year increase in insurance revenues to N48.46 billion in the first quarter of 2026, driven by strong performance across its core business segments, even as foreign exchange volatility weighed on profit.

‎The insurer noted that gross written premiums rose 14% to N93.73 billion, reflecting sustained momentum in new business acquisition and improved customer retention across its portfolio.

‎A breakdown of the results showed that Property and Casualty (P&C) led revenue growth, rising 27% to N22.10 billion, while Health insurance grew 21% to N18.50 billion. Life and Savings recorded a modest 2% increase to N7.85 billion.