AXA Mansard Insurance Plc has reported a pre-tax profit of N8.41 billion for the half-year ended June 30, 2026. This represents a 9% growth compared to the N7.73 billion recorded in the corresponding period of 2025, according to the group's financial statement filed with the Nigerian Exchange.
The insurer's performance in the second quarter of 2026 was particularly strong, with pre-tax profit rising to N4.83 billion. This is an increase from the N1.58 billion recorded in the second quarter of 2025.
Profit after tax for the half-year period grew by 14% to N7.77 billion, up from N6.80 billion in H1 2025. Consequently, earnings per share improved to 87 kobo from 76 kobo in the previous year.
Underwriting Drives Revenue Growth
The growth in earnings was primarily driven by the company's core insurance operations. Insurance revenue rose 19% year-on-year to N96.49 billion, while the insurance service result increased by 43% to N13.21 billion, reflecting stronger premium generation and favorable underwriting outcomes.
This underwriting profitability was achieved despite rising operational costs. Insurance service expenses increased to N61.13 billion from N55.33 billion, and net expenses from reinsurance contracts grew by 33% to N22.15 billion.
Gross written premiums for the period rose 14% to N93.73 billion, supported by new business acquisition and customer retention. Property and Casualty led the segment growth with a 27% increase to N22.10 billion, followed by Health insurance which grew 21% to N18.50 billion, and Life and Savings which recorded a 2% increase to N7.85 billion.
Investment Returns Face FX Pressures
While core insurance operations flourished, the company's investment performance was mixed. Interest income rose to N6.51 billion from N5.99 billion, driven by higher yields on investment assets.
However, other investment income recorded a loss of N2.15 billion, contrasting with a gain of N1.01 billion in H1 2025. This downturn was largely due to foreign exchange losses and weaker fair-value movements, causing total investment returns to decline by 32.71% to N4.71 billion from N7.00 billion.
Operating expenses also experienced upward pressure during the period. Employee benefit expenses rose 33% to N5.18 billion from N3.89 billion, while other operating expenses increased 12.67% to N5.69 billion from N5.05 billion.
Balance Sheet and Market Performance
AXA Mansard strengthened its balance sheet during the first half of the year. Total assets increased by 18% to N269.87 billion from N227.94 billion at the end of December 2025, while total equity rose to N61.76 billion from N56.05 billion.
The company's cash position improved significantly, with cash and cash equivalents rising 160% to N36.15 billion from N13.89 billion in the corresponding period of 2025. This liquidity was supported by positive operating cash flows of N5.70 billion and cash premium inflows of N105.40 billion, while total external debt declined 3% to N14.21 billion from N14.60 billion in December 2025.
On the Nigerian Exchange, AXA Mansard's share price closed at N12 on June 30, 2026, representing a 29.7% increase from N9.25 in June 2025. By July 30, 2026, the share price closed at N13.20, representing a 3.65% decline from the N13.70 recorded at the end of 2025.
