AXA Mansard Insurance Plc, a leading Nigerian insurer and member of the global AXA Group, saw its reported profits tumble by 81% in 2025 even as its insurance revenue grew healthily by 22%.
This dramatic shift is attributed solely to the disappearance of a one-time foreign exchange windfall from the previous year, highlighting how currency swings can create a booming top line and a crashing bottom line simultaneously.
The company’s Profit Before Tax fell to ₦6.12 billion, a stark contrast to the prior period which had been inflated by ₦27 billion in foreign exchange gains that did not repeat. Chief Financial Officer Mrs. Ngozi Ola-Israel clarified that the stark headline drop resulted from comparing a “normal” year featuring a ₦0.9 billion FX loss against an anomalously high base.
Okay News reports that the underlying business was strong, with an adjusted profitability measure actually rising 46% and its Health segment revenue exploding by 40%. This performance underscores the resilience of its customer-centric model and effective distribution, even amid a year of high claims severity.
The group’s financial position remains solid, with management confirming it comfortably exceeds the new stringent capital requirements set by Nigeria’s National Insurance Commission (NAICOM). CEO Mr. Kunle Ahmed stated their capital surpasses the ₦15 billion and ₦10 billion thresholds for Non-life and Life businesses respectively.
Looking ahead, the company will focus on pricing optimization and digital investment to ensure future profit growth is clearly visible without relying on exceptional currency movements. Key priorities for 2026 include strengthening underwriting discipline and leveraging digital capabilities for better risk selection and customer service.
