AXA Mansard Insurance has reported an 81 per cent rise in profit after tax to N10.9 billion for the nine months ended September 2026, driven by improved underwriting performance and revenue expansion across its core business lines. Profit before tax more than doubled to N12.9 billion from N6.1 billion in the same period of 2025, while insurance revenue climbed 19 per cent to N143.1 billion from N120.5 billion.
The company's health segment led growth, with gross written premiums jumping 33 per cent to N76.5 billion, while life and savings increased 26 per cent to N27.6 billion and property and casualty rose 2 per cent to N65.4 billion. Overall gross written premiums expanded 18 per cent to N169.5 billion. Insurance revenue from health climbed 24 per cent to N60.5 billion, life and savings also grew 24 per cent to N24.1 billion, and property and casualty revenue increased 12 per cent to N58.6 billion.
Underwriting results strengthened markedly, with insurance service results soaring 86 per cent to N19.2 billion from N10.3 billion. Property and casualty insurance service results jumped 64 per cent to N8.7 billion, supported by a 13 per cent year-on-year decline in insurance service expenses. Life and savings posted a 92 per cent increase in insurance service results to N3.8 billion, while health recorded a 119 per cent rise to N6.8 billion. Return on equity improved to 17.8 per cent.
Chief Financial Officer Ngozi Ola-Israel said the company sustained revenue growth through new business acquisition and improved customer retention, supported by stronger underwriting and investment results. Chief Executive Officer Kunle Ahmed attributed the performance to continued customer and partner confidence in the company's diversified insurance portfolio. He disclosed that the insurer had met the National Insurance Commission's new minimum capital requirements and was preparing to meet the regulator's proposed risk-based capital requirements under the Nigerian Insurance Industry Reform Act 2025.
The company's financial position strengthened, with total assets rising 14 per cent to N260.7 billion and shareholders' funds increasing 19 per cent to N62.5 billion. However, foreign exchange volatility pressured results, with the group recording a N4.3 billion foreign exchange loss in the third quarter compared with N2.3 billion in the same period of 2025. The stronger capital position positions the insurer to improve risk-taking capacity and claims settlement efficiency as the insurance industry adjusts to higher regulatory requirements.
For savers and policyholders, AXA Mansard's improved financial strength and underwriting performance means greater capacity to settle claims and sustain long-term insurance coverage across health, life and property segments.