Axa Mansard Group Plc patched its cash outflow but still lost about 30 percent of its opening balance of N39.6 billion in the first quarter.
The insurance company saw its net cash decreased by N11.5 billion, 34.7 percent change compared to N17.6 billion decrease recorded in Quarter 1 of last year.
Its cash outflow from operation stood at N11.7 billion for the quarter, compared to N13.8 billion decrease for the same quarter last year.
Cash inflow from investments grew to N204.8 million, from N3.8 billion it lost in 2025 Quarter 1.
But cashflow from financing remained nil in the first quarters of both financial years.
For the quarter, the insurer raked in N48.5 billion in insurance revenue alone, from N40.3 billion in the same quarter of last year. And that was in addition to N840.7 million return on investment, though that represented 14 percent of what it made in 2025 Quarter 1. But in all, insurance service and reinsurance service expenses, and insurance financing expense, adding up to N47 billion nearly took out all the revenue.
The impact pushed down the profit for the quarter by 41.9 percent to N3.6 billion, from N6.2 billion the company recorded in Q1 of last year.
The weight of expenses comes from the insurer’s increasing debt-asset ratio: 0.76 (76 percent) in the quarter compared to 0.58 (58 percent) in the same quarter of last year.
The asset still grew 14 percent to 260.6 billion while the liability also moved up 16.3 percent to N200.2 billion in the period.
Despite the outflows, Axa Manasard recorded a closing balance of N27.9 billion as of March, almost three times N7.2 billion it had in the same quarter end of 2025
