Prime Business Africa
A double-digit growth in turnover did not prevent AXA Mansard Insurance from suffering a significant decline in net profit after a huge drop in the company’s investment returns in 2025.
In the insurer’s consolidated and separate statement of comprehensive Income for the period ended December 31, 2025, it was gathered that AXA Mansard generated N160.56 billion in revenue.
Join our WhatsApp ChannelThe turnover surpassed the N131.66 billion revenue recording in 2024, representing a 21.94 percent growth, compared to the 34.49 percent year-on-year increase in the company’s service expenses last year.
AXA Mansard had incurred N113.68 billion in insurance service expenses between the first quarter (Q1) and the fourth quarter (Q4) of 2025, compared to the N84.52 billion expenses sustained in 2024.
Also, net expense from reinsurance contracts held increased to N34.19 billion between January and December 2025, surpassing the N33.48 billion recorded the year before, indicating a 2.14 percent growth.
Consequently, insurance service results dropped by 7.16 percent to N12.68 billion, according to AXA Mansard’s financial statement, falling below the N13.66 billion reported in 2024.
Also, other investment revenue fell to N983.91 million during the period under review, failing to replicate the N25.59 billion recorded in 2024, representing a 96.15 percent decline.
In addition, the company reported N225.95 million as impairment write-back on financial assets in 2025, compared to the impairment loss of N224.03 million incurred the previous year.
Similarly, AXA Mansard recorded impairment write-back non-financial assets of N495.58 million during the period under review, recovering from the N884.49 million impairment loss of 2024.
AXA Mansard’s financial woes were further compounded by a 60.59 percent year-on-year decrease in investment return, as it dropped from N34.36 billion to N13.54 billion.
Also, net finance expense from reinsurance significantly increased to N5.26 million between January and December last year, surging past the N358,000 sustained in 2024, reflecting a 1,371.78 percent increase.
The financial statement also showed that net financial result dropped by 60.61 percent year-on-year, from N34.36 billion to N13.53 billion, although other income grew by 94.03 percent, from N3.65 billion to N7.09 billion.
Amid the earnings decline in 2025, AXA Mansard incurred N4.59 billion expenses for marketing and administration, which gulped N4.10 billion the previous year, reflecting a 11.96 percent surge.
During the period under review, the insurer also incurred finance cost of N1.27 billion, rising by 115.97 percent when compared to the N591.28 million recorded in 2024, while other operating expenses increased by 52.06 percent year-on-year, from N8.57 billion to N13.03 billion.
Following the surge in the company’s expenses, AXA Mansard’s profit before tax (PBT) plummet to N6.12 billion in 2025, compared to the N31.69 billion recorded in 2024.
With the insurer’s pretax profit decreasing by 80.67 percent, AXA Mansard’s income tax expense declined by 88.35 percent year-on-year, from N5.72 billion to N667.33 million.
This further reduced AXA Mansard’s profit after tax (PAT) by 78.98 percent last year, as the company recorded N5.45 billion net income, failing to replicate the N25.96 billion.
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