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AXA Mansard Insurance Plc records steady expansion across its core segments

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By Philippine Duru

philippineobetoduru@gmail.com

08034905774

AXA Mansard Insurance Plc has posted strong revenue growth for the 2025 financial year, even as profits declined sharply due to foreign exchange volatility and rising cost pressures.

According to its audited results released in Lagos, the insurer recorded a 22% increase in insurance revenue, which rose to ₦160.56 billion. The performance reflects steady expansion across its core segments—Property & Casualty, Life & Savings, and Health—despite a tough macroeconomic environment marked by inflation and currency instability.

Gross Written Premiums (GWP) also grew by 23% to ₦170.87 billion from ₦138.55 billion in 2024, driven by improved customer retention, new business growth, and a broader distribution network.

Segment performance showed mixed but generally positive momentum. Property & Casualty revenue rose by 11% to ₦68.48 billion, Life & Savings increased by 14% to ₦25.77 billion, while the health segment led growth with a 40% jump to ₦66.32 billion. Premium growth followed a similar pattern, with Property & Casualty up 20%, Life & Savings rising 15%, and Health expanding by 31%.

Chief Financial Officer Ngozi Ola-Israel said the results highlight the company’s resilience and strong execution strategy. However, Profit Before Tax fell sharply by 81% to ₦6.12 billion, largely due to the absence of significant FX gains recorded in the previous year.

She explained that while the company recorded ₦27 billion in foreign exchange gains in 2024, 2025 saw a ₦1 billion FX loss. Adjusting for this one-off effect, underlying profit would have grown by about 50% year-on-year.

Chief Executive Officer Kunle Ahmed noted that the company delivered solid topline growth and stable core earnings despite cost pressures and global uncertainties. He added that AXA Mansard remains well-capitalised and is positioned to exceed new regulatory capital requirements in Nigeria’s insurance sector.

To strengthen its capital base further, the board has opted not to declare dividends for the 2025 financial year—a move analysts say aligns with broader industry trends as insurers prepare for recapitalisation.

Operationally, the company saw its Insurance Service Result rise by 9% to ₦14.87 billion, supported by a strong 65% increase in Property & Casualty earnings. However, the Life & Savings and Health segments recorded declines of 4% and 42% respectively, due to higher claims and increased technical reserves.

Rising claims also pushed insurance service expenses up by 32%, particularly in general accident and aviation portfolios, putting pressure on margins.

Despite profitability challenges, AXA Mansard maintained a strong balance sheet. Total assets grew by 18% to ₦227.94 billion, while shareholders’ funds increased by 11% to ₦52.3 billion.

Profit After Tax dropped significantly by 98% to ₦0.62 billion, impacted by FX losses and tax changes, including an increase in capital gains tax from 10% to 30%, which resulted in a one-off deferred tax adjustment.

Analysts say the company’s performance reflects broader trends in Nigeria’s insurance industry, where strong premium growth is increasingly offset by macroeconomic challenges, regulatory shifts, and rising claims costs. The transition to IFRS 17 standards is also reshaping how insurers report earnings, placing greater emphasis on sustainable underwriting performance rather than one-off gains.

Looking ahead, AXA Mansard plans to focus on tighter underwriting discipline, improved operational efficiency, and enhanced digital capabilities to sustain growth. The company remains optimistic that easing FX pressures and stabilising economic conditions will support stronger profitability in the future.

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Business

North African Airline incurs Nigeria’s wrath

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By Philippine Duru

philippineobetoduru@gmail.com

08034905774

 

 

Nigeria has warned EgyptAir to modernise the aircraft deployed on its Nigerian routes, stressing that continued use of ageing planes could affect the airline’s operations in the country.

The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the warning during a bilateral meeting with his Egyptian counterpart, Sameh El-Hefny, on the sidelines of the ongoing El-Alamein International Airshow (EIAS 2026) in Egypt.

According to a statement issued by Keyamo’s media aide, Tunde Moshood, the meeting focused on improving air connectivity between Nigeria and Egypt and strengthening cooperation between the two countries’ civil aviation authorities.

The discussions also covered the expansion of technical and professional capacity, as well as opportunities for greater collaboration among airlines, airports, regulators and other aviation stakeholders.

Keyamo specifically urged EgyptAir to deploy newer-generation aircraft on its Nigerian routes, rather than continuing with what Nigeria considers ageing aircraft.

“The minister also used the engagement to emphasise the need for a stronger and more modern fleet deployment by EgyptAir on its Nigerian routes,” Moshood said.

He said Keyamo urged the airline’s management to move away from the continued deployment of ageing aircraft and prioritise newer-generation aircraft in the Nigerian market.

According to the minister, fleet modernisation was essential to improving passenger experience, operational efficiency and the airline’s competitiveness.

Keyamo further stressed the strategic importance of Nigeria-Egypt aviation relations, noting that both countries occupy important positions within Africa’s aviation ecosystem.

He reaffirmed Nigeria’s commitment to expanding strategic international partnerships to improve air connectivity, promote tourism and trade, support airline growth and deliver greater value to passengers and the aviation industry.

The Nigerian delegation also expressed the country’s readiness to work with Egypt’s Ministry of Civil Aviation to identify areas of mutual cooperation, particularly within the framework of the Single African Air Transport Market (SAATM).

Responding, El-Hefny welcomed the engagement and reaffirmed Egypt’s commitment to deepening aviation cooperation with Nigeria.

He called for closer collaboration between the two countries to advance air transport development and strengthen links between their aviation industries.

The Egyptian minister also advocated stronger institutional cooperation between the African Civil Aviation Commission (AFCAC) and the League of Arab Civil Aviation (LACA).

“Enhanced collaboration between the two regional aviation bodies could promote stronger partnerships and facilitate greater cooperation among African and Arab States,” El-Hefny said.

The meeting ended with both ministers reaffirming their commitment to sustained dialogue, stronger institutional cooperation and initiatives aimed at delivering tangible benefits to the aviation sectors of Nigeria and Egypt.

 

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₦10m monthly made from akara and bread business -Umo Eno

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Philippine Duru

philippineobetoduru@gmail.com

08034905774

 

 

 

Akwa Ibom State Governor, Umo Eno, has recounted his early experience in entrepreneurship, revealing that he once made not less than ₦10 million in a month from selling akara and bread.

Eno, who spoke while reflecting on his journey before entering public service, said the business experience played an important role in shaping his understanding of enterprise, hard work and wealth creation.

According to the governor, he started from a modest venture involving the sale of akara and bread before gradually expanding his business activities.

“I started selling akara and bread. I made not less than ₦10m in a month,” Eno said.

The governor’s account highlights the entrepreneurial path he pursued before rising through the ranks in business and eventually becoming governor of Akwa Ibom State.

Eno has frequently emphasised the importance of entrepreneurship and economic empowerment, particularly as a means of creating opportunities for young people and reducing dependence on government employment.

His recollection of the akara and bread business also underscored his view that small businesses, when properly managed and supported, can grow into significant sources of income and employment.

The governor’s comments come amid growing conversations around entrepreneurship, youth empowerment and the need to create sustainable livelihoods in Nigeria, where many young people are turning to small and medium-scale enterprises to earn a living.

Eno has continued to advocate policies and initiatives aimed at expanding economic opportunities and encouraging residents to become self-reliant through productive ventures.

His story of moving from selling akara and bread to occupying the highest political office in Akwa Ibom has also been presented as an example of how entrepreneurship, persistence and business experience can shape an individual’s journey to leadership.

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Business

All share index gains about 0.81% as NGX rebounds

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The Nigerian Exchange Limited (NGX) rebounded last week, with the All-Share Index (ASI) gaining about 0.81 per cent to close at 241,298.47 points, as renewed investor interest in oil and gas and banking stocks lifted market sentiment.

 

The week’s gain translated into an estimated ₦1.29 trillion increase in market capitalisation, pushing the value of listed equities to about ₦155.83 trillion.

 

With the latest appreciation, the NGX’s year-to-date return remained strong at approximately 55 per cent, underscoring the market’s substantial gains despite intermittent periods of profit-taking and volatility.

 

The recovery was largely driven by buying interest in oil and gas and banking stocks, with Seplat Energy among the notable gainers during the week.

 

Market sentiment also received a boost from developments in Nigeria’s international financial-market standing. FTSE Russell confirmed the country’s reclassification to Frontier Market status, effective September 21, 2026, a move expected to influence international investor positioning toward Nigerian equities.

 

Further support came from Moody’s decision to revise Nigeria’s outlook to positive, reinforcing expectations that ongoing economic and fiscal reforms could improve the country’s credit profile.

 

Despite the positive performance, trading activity was relatively subdued, partly reflecting the shortened trading week. Market volume declined as investors adopted a more cautious approach amid prevailing economic uncertainties and profit-taking pressures.

 

Analysts said the latest rebound highlights continued investor appetite for fundamentally strong sectors, although the sustainability of the market’s upward trajectory will depend on macroeconomic conditions, corporate earnings, foreign investor participation and policy developments.

 

As investors enter a new trading week, attention is expected to remain on the performance of banking and energy stocks, while the implications of Nigeria’s forthcoming Frontier Market reclassification could further shape sentiment and capital flows into the equities market.

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