AXA Mansard Group and its parent company Axa Mansard Insurance Plc saw their profits fall 98 percent and 18 percent respectively last year. The impact drove down the group’s earnings per share (EPS) to about a tenth of its 2024 value, according to a disclosure on the Nigeria Exchange Group.
A rating agency gave AXA Mansard Group a negative outlook last April but later considered it stable, following the disclosure in the 2025 audited financial statements (AFS) recently.
In the AFS, the group’s 2025 profit dropped to N620 million, about 2 percent of its N25.9 billion profit the year before; the parent’s N16.7 billion in 2024 also dipped 17.9 percent to N15.3 billion last year.
The two had managed to keep down their operating, insurance, and reinsurance service expenses—N174 billion for the group, and N102 billion for the insurance company in 2025. But the outflow still made holes in the N180 billion the group generated from the three activities that year, and the N117 the insurer generated from the same activities, mainly from investment returns. The returns themselves shrank 12.9 percent for the insurer, and 63 percent for the group for the period.
The drop in profits reflected in the group’s EPS, which fell 89 percent from 276 kobo in 2024 to 29 kobo last year. The insurer’s EPS also fell 18 percent to 153 kobo, from 186 kobo over the same period.
AM Best, the US-based rating agency, that rated Axa Mansard’s outlook negative initially considered the group’s “risk-adjusted capitalization which declined to the strong level from the very strong level at year end 2023”.
But the improved economic fundamentals in Nigeria, the agency said in a press release it distributed recently, in addition to what it called a lift from AXA Mansard South Africa, “supported AM’s expectation that AXA Mansard’s risk-adjusted capitalization will remain at least at the very strong level over the years.”
The 2025 profit contraction was not the only revelation in AXA Mansard’s financials. The two companies also struggled to maintain stability in their financial positions in the reporting year, considering their equity-asset ratios respectively.
Equities for the group and the insurer, no doubt, increased over the period: 5.9 percent, from N52.9 billion in 2024 to N56 billion the following year for the group; 46.6 percent, from N30.8 billion in 2024 to N45.1 billion the year after for the parent.
AXA Mansard Insurance Plc asset also stood at N165 billion in 2025, representing a 31 percent growth from N126.1 billion the year before. The group’s asset, N227.9 billion last year also indicated a 17.7 percent growth compared to N193.6 billion it recorded the year before.
But the owners’ equities represented about 30 percent (1:4) of the group and its parent’s assets, despite their improved figures.
The audited report noted their liabilities also increased during the period: the group’s rose 22.1 percent from N140.7 billion in 2024 to N177.9 billion in 2025; the parent company’s N95.3 billion debt in 2024 moved up 25.4 percent to N119.6 billion last year.
The group and its parent company’s liquidity, however, kept them going. AXA Mansard Insurance’s cash and cash equivalents increased 94 percent to N33 billion in 2025, from N17 billion the year before. The group also recorded 76 percent increase in liquidity from N20.1 billion in 2024 to N39.5 billion a year after.
After the release of the report March 31, AXA Mansard stock closed at N15. 21, from its N15.80 opening price.
