AXA Mansard forecasts N3.6 billion H1 2026 profit, targets N90.7 billion insurance revenue

AXA Mansard Insurance Plc has released its half-year 2026 earnings forecast, anticipating a profit after tax of N3.6 billion, at an earnings per share of N0.40.

This is lower than the N6.7 billion reported in H1 2025, when insurance revenue reached N81.1 billion, up 23.67%, reflecting strong performance across the group’s core business lines.

In H1 2025, health insurance accounted for 38% of total insurance products, followed by oil and gas at 24% and fire at 10.3%, making these three the largest contributors to overall revenue.

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For H1 2026, these product lines are expected to lead again, with total insurance revenue projected at N90.7 billion, which would represent an 11.85% increase from the same period in 2025, if realized.

**What the company is saying **

AXA Mansard expects insurance service expenses of N62.8 billion and reinsurance costs of N17.8 billion for H1 2026, reflecting the anticipated growth in its core revenue.

• This compares to insurance service expenses of N55.3 billion and reinsurance costs of N16.6 billion reported in H1 2025.
• After accounting for these expenses, the company estimates an insurance service result of N10.1 billion for H1 2026, which would represent a 10% year-on-year increase if the forecast is realized.
• Investment return in 2025 was N7.002 billion, down from N26.7 billion for H1 2024, while net investment and other income is expected to reach N7.9 billion in H1 2026.

Operating expenses are expected to total N13.3 billion in the first half of 2026, resulting in a forecasted pretax profit of N4.2 billion, below the N7.7 billion reported in H1 2025.

After accounting for a projected tax expense of N638.4 million, down from N933.5 million in H1 2025, the company expects a post-tax profit of N3.6 billion for the first half of 2026.

Get up to speed

In full-year 2025, AXA Mansard recorded strong insurance activity, with premiums received rising 21.30% year-on-year to N159.5 billion, while claims paid to policyholders increased to N79 billion from N63.2 billion in 2024.

• On the balance sheet, FY2025 total assets reached N228.2 billion, with investment securities from OCI representing the largest portion of the company’s holdings.
• Retained earnings on the equities side stood at N32.1 billion, accounting for 58.8% of total shareholder funds.
• On the Nigerian Exchange, AXA Mansard shares returned 67% to investors in 2025, with over 665 million units traded during the year.

So far in 2026, the shares have gained over 10% and are currently trading at N15.20, with 152 million units already exchanged.

What you should know

On the Nigerian Exchange, AXA Mansard delivered its strongest post-2020 performance in 2023, rising 175% with 1.09 billion shares traded during the year.

Shares of the company reached a high of N18.40 in February 2026 but have since retraced to N15.20 in March.

According to company projections, cash and bank balances are expected to reach N31.2 billion by the end of H1 2026.

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