• AXA Mansard net profit falls 78.9% in 2025, despite strong revenue growth
• Absence of 2024 forex gains and higher costs hurt earnings
• Insurer maintains dividends, signals focus on restoring profitability

AXA Mansard Insurance, a subsidiary of French insurer AXA, reported a sharp decline in net profit for the year ended Dec. 31, 2025, despite strong business momentum.

The Nigerian insurer posted a net profit of 5.45 billion naira (about $4 million) for 2025, down 78.9% from 25.96 billion naira in 2024, according to its recently published year-end financial statements.

The main driver of the decline was the absence of a large foreign-exchange gain recorded the previous year. In 2024, the company booked nearly 27 billion naira in gains from currency movements, but in 2025 it reported a loss of 855 million naira.

Rising operating expenses also weighed on performance. Insurance service costs rose by 34.5% to 113.68 billion naira. Personnel costs and IT maintenance expenses increased to 8.28 billion naira and 3.67 billion naira, respectively.

Despite the drop in profit, business activity remained strong throughout the year. Insurance revenue jumped 22% to 160.56 billion naira from 131.66 billion naira in 2024. Cash premium collection reached 159.53 billion naira, while the health segment, through AXA Mansard Health Limited, contributed 66.31 billion naira to total revenues. In other words, even as revenue growth accelerated, profitability fell sharply.

Dividend

Despite lower earnings, AXA Mansard opted to maintain shareholder returns. The company distributed 4.05 billion naira in dividends for the 2025 financial year, drawn from retained earnings. This compares with 3.06 billion naira paid out the previous year.

The insurer’s financial position remains solid, with total assets exceeding 228 billion naira. Looking ahead, AXA Mansard said it will focus on converting revenue growth into stronger profitability. It is also preparing for the introduction of IFRS 18 to enhance the transparency and comparability of its financial reporting.

Sandrine Gaingne