AXA Mansard Insurance Plc has succumbed to foreign exchange losses on outstanding claims, cost pressures, and combined with global economic uncertainties as the insurer’s profit slumps, which dims hopes of dividend payment.
For the first three months through March 2026, AXA Mansard’s profit after tax (PAT) reduced by 43.15 percent to N3.53 billion from N6.21 billion as at March 2025.
Net profit margin declined to 7.28 percent in the period under review from 15.39 percent the previous year.
The deteriorating profit margin was due to N2.42 billion foreign exchange loss as the insurer made a gain of N3.26 billion in 2025.
“These are foreign exchange impacts from foreign currency denominated transactions on outstanding claims, recoverable on outstanding claims and financial assets,” said the company,” said the company.
There are rising concerns that the stability in the foreign exchange market which is a double edged sword is creating exceptional losses for firms who were beneficiary of gains from the abrupt devaluation of the Naira.
AXA Mansard Insurance Plc has reported a 20.31 percent increase in insurance revenues, reaching N48.45 billion in the first three months of 2026, from N40.33 billion as at March 2025.
A breakdown of revenue figures shows sales from Health business was up 21.19 percent to N18.50 billion as at March 2026 while revenue from Oil and Gas increased by 36.64 percent to N12.64 billion.
The company’s total assets rose to N260.60 billion, while shareholders’ funds rose to N60.37 billion, as the insurer is well capitalised ahead of the industry-wide recapitalization.
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