AXA Mansard Insurance Plc, a member of the global AXA Group, has reported a 24 per cent increase in its insurance revenue for the half-year ended June 30, 2025. The company posted a total insurance revenue of ₦81.15 billion, up from its performance in the same period last year. This is the first time the insurer is reporting under the new International Financial Reporting Standard (IFRS 17), which provides a different way of calculating insurance contracts.
The increase in revenue was largely driven by growth across the company’s three major business segments: Property & Casualty, Life & Savings, and Health. Each of these areas recorded strong performance, showing that AXA Mansard is gaining more ground in Nigeria’s insurance market.
The Property & Casualty segment, which includes general insurance services such as motor, fire, and business risk cover, generated ₦35.43 billion in revenue — a 10 per cent increase when compared to the same period in 2024. The Life & Savings business, which includes life assurance and investment-linked products, saw revenue rise by 17 per cent to ₦14.15 billion.
However, the biggest growth came from the Health segment. AXA Mansard’s health insurance revenue rose sharply by 48 per cent to ₦31.58 billion. This strong growth shows that more Nigerians are signing up for health insurance as they face rising medical costs and become more aware of the importance of health coverage.
The company also reported a 23 per cent rise in Gross Written Premiums (GWP), which hit ₦115.31 billion for the first half of 2025. A breakdown of the figures shows that GWP from Property & Casualty stood at ₦52.60 billion, Life & Savings rose to ₦16.78 billion, and Health premiums surged to ₦45.93 billion.
Chief Financial Officer of AXA Mansard, Ngozi Ola-Israel, said the impressive growth came from both the renewal of existing policies and the onboarding of new customers. She explained that the company’s product offerings and sales strategies are proving effective in reaching more Nigerians.
“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.
Chief Executive Officer of AXA Mansard, Kunle Ahmed, also shared his thoughts on the performance. He said the result reflects the company’s operational discipline and strategic direction. According to him, the company is focused on protecting its profit margins and preparing for future opportunities.
“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 stated.
He added that AXA Mansard will continue to focus on quality growth, risk management, and capital efficiency. These strategies, according to him, are necessary for navigating Nigeria’s challenging economic environment.
“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 added.
AXA Mansard has continued to maintain its place as one of the leading insurance firms in Nigeria. The company’s performance shows the growing importance of health and life insurance in a country where insurance penetration is still relatively low.
With the increase in demand for health-related insurance and the strong performance of its other business segments, AXA Mansard is expected to remain a major player in Nigeria’s financial services sector. The company’s digital drive, diverse product offerings, and strategic partnerships are also expected to support continued growth in the remaining half of the year.
