Two Nigerian insurance companies, AXA Mansard Insurance and International Energy Insurance Plc, have projected a combined profit before tax of about N5.53bn for the first quarter of 2026.
The projections were contained in their financial forecasts filed with the Nigerian Exchange Group as part of mandatory disclosure requirements.
For AXA Mansard Insurance, the company projected a profit before tax of N4.24bn and a profit after tax of N3.6bn for the period. According to the document signed by the Company Secretary, Omowunmi Adewusi, the insurer expects to generate N47.18bn in insurance revenue in Q1 2026.
Insurance service expenses are forecast at N32.19bn, while net expenses from reinsurance contracts held are projected at N9.78bn. This brings the projected insurance service result to N5.20bn. The company also expects N5.42bn in net investment and other income, while operating expenses are forecast to stand at N6.18bn.
Based on these estimates, tax expenses are projected at N635.32m, resulting in the expected profit after tax of N3.6bn.
On cash flow, AXA Mansard expects to generate N4.33bn from operating activities, while no financing cash flows are anticipated. However, investing activities are projected to result in a negative cash flow of N7.02bn, leading to a net decrease of N2.70bn in cash and cash equivalents. The company expects to start the quarter with N11.90bn in cash and bank balances and end with N9.20bn.
For International Energy Insurance Plc, profit before tax is projected at N1.29bn, while profit after tax is expected to stand at N868.5m for Q1 2026.
According to the forecast signed by the Chief Financial Officer, Uyi Osagie, and the Acting Managing Director, Dr Joyce Odiachi, the company expects to generate N3.76bn in gross premium written. It also projects an insurance service result of N2.71bn, with operating profit estimated at N809.38m. Interest and similar income are expected at N486.35m, while tax is projected at N427.26m.
In its statement, International Energy Insurance Plc said its projections are based on key assumptions, including stable government policies in 2025, continued strong management, and the expectation that the company will not suffer major uninsured or catastrophic losses during the period.
The company added that it is optimistic about 2026, driven by stronger enforcement of compulsory insurance policies, particularly “Building under Construction” and “Public Building” insurance, as well as strict compliance with the ‘No Premium, No Cover’ guideline issued by the National Insurance Commission.
