By Radarr Africa
AXA Mansard Insurance Plc reported an 81 per cent increase in profit after tax to ₦10.90 billion in the first nine months of 2026, supported by stronger insurance service performance and higher investment income.
The company’s unaudited financial statements filed with the Nigerian Exchange Limited showed that profit after tax rose from ₦6.01 billion recorded in the corresponding period of 2025.
Profit before tax also increased by 111 per cent to ₦12.87 billion, compared with ₦6.10 billion a year earlier.
The growth came as insurance revenue climbed by 18.8 per cent to ₦143.14 billion from ₦120.53 billion in the same period of 2025.
AXA Mansard’s insurance service result nearly doubled to ₦19.24 billion from ₦10.34 billion, indicating improved performance from its underwriting operations.
Investment income also contributed to the company’s earnings. Interest revenue calculated using the effective interest method increased by 37.2 per cent to ₦12.28 billion, compared with ₦8.95 billion in the previous year.
However, the company’s overall investment return rose more moderately to ₦9.80 billion from ₦8.98 billion, partly reflecting weaker performance from other investment income.
The insurer also recorded higher operating costs during the period. Insurance service expenses increased by 9.4 per cent to ₦92.82 billion, while net expenses from reinsurance contracts rose to ₦31.08 billion from ₦25.37 billion.
Employee benefit expenses climbed by 34.2 per cent to ₦7.99 billion, while other operating expenses increased by 19.4 per cent to ₦9.90 billion.
Despite the higher expenses, the company recorded stronger earnings and an improvement in its financial position.
AXA Mansard’s total assets expanded to ₦260.66 billion as of September 30, 2026, compared with ₦227.94 billion at the end of December 2025.
Investment securities measured at fair value through other comprehensive income increased to ₦112.09 billion from ₦89.77 billion, making them the largest asset category.
Cash and cash equivalents, however, declined to ₦28.12 billion from ₦39.56 billion over the same period.
The company’s insurance contract liabilities rose to ₦122.29 billion from ₦86.36 billion, while shareholders’ funds improved to ₦62.46 billion from ₦52.30 billion.
The results point to stronger underwriting performance and higher interest income as important contributors to AXA Mansard’s earnings growth in the first nine months of the year.
However, the rise in employee costs, operating expenses and insurance liabilities will remain important factors for investors assessing whether the company’s improved profitability can be sustained.
