AXA Mansard Insurance Plc has reported an 81 per cent enhance in profit after tax to N10.9 billion for the third quarter of 2026, pushed by stronger underwriting efficiency and income development throughout its property and casualty, life and financial savings, and well being companies.
The insurer’s monetary outcomes for the 9 months ended September 2026 confirmed that insurance coverage income rose by 19 per cent to N143.1 billion, in contrast with N120.5 billion recorded within the corresponding interval of 2025.
Profit earlier than tax additionally elevated by 111 per cent to N12.9 billion from N6.1 billion, reflecting improved efficiency throughout its core insurance coverage operations.
The development was supported by an 86 per cent enhance in insurance coverage service outcomes to N19.2 billion, from N10.3 billion within the earlier 12 months, indicating improved underwriting efficiency and claims expertise.
Gross written premiums elevated by 18 per cent to N169.5 billion, in contrast with N143.5 billion within the corresponding interval of 2025, with the well being enterprise accounting for the most important contribution.
The well being section recorded a 33 per cent enhance in gross written premiums to N76.5 billion, whereas life and financial savings grew by 26 per cent to N27.6 billion. Property and casualty premiums rose marginally by two per cent to N65.4 billion.
Across the enterprise strains, insurance coverage income from well being elevated by 24 per cent to N60.5 billion, whereas life and financial savings additionally grew by 24 per cent to N24.1 billion. Property and casualty income rose by 12 per cent to N58.6 billion.
The enchancment in underwriting efficiency was notably evident within the property and casualty enterprise, the place insurance coverage service outcomes elevated by 64 per cent to N8.7 billion. The firm attributed the efficiency partly to a 13 per cent year-on-year decline in insurance coverage service bills.
The life and financial savings section recorded a 92 per cent enhance in insurance coverage service outcomes to N3.8 billion, whereas well being posted a 119 per cent rise to N6.8 billion.
Commenting on the efficiency, the Chief Financial Officer, Ngozi Ola-Israel, stated the corporate sustained income development throughout its enterprise segments, supported by new enterprise acquisition and improved buyer retention.She stated the 81 per cent development in profit after tax mirrored stronger underwriting and funding outcomes, whereas return on fairness improved to 17.8 per cent.
Ola-Israel stated the corporate would maintain its focus on disciplined underwriting, value optimisation and steadiness sheet strengthening because it enters the ultimate quarter of the 12 months.
The Chief Executive Officer, Kunle Ahmed, stated the efficiency mirrored continued buyer and accomplice confidence within the firm’s diversified insurance coverage portfolio.
Ahmed additionally disclosed that the insurer had met the brand new minimal capital necessities stipulated by the National Insurance Commission (NAICOM), including that preparations had been underway to meet the regulator’s proposed risk-based capital necessities beneath the Nigerian Insurance Industry Reform Act 2025.
The firm’s steadiness sheet additionally strengthened, with whole belongings rising by 14 per cent to N260.7 billion, whereas shareholders’ funds elevated by 19 per cent to N62.5 billion. However, the outcomes confirmed that overseas alternate volatility remained a strain level, with the group recording a N4.3 billion overseas alternate loss within the third quarter, in contrast with N2.3 billion within the corresponding interval of 2025.
The insurer’s efficiency comes because the business adjusts to the upper minimal capital necessities launched beneath NIIRA 2025, which have elevated the emphasis on monetary energy, underwriting capability and the flexibility of operators to take up dangers. With the recapitalisation train accomplished, the following take a look at for insurers might be translating stronger capital positions into improved risk-taking capability, environment friendly claims settlement and sustainable development in insurance coverage penetration.
