AXA Mansard records strong earnings amid risks from naira volatility

In a year shaped by economic turbulence, currency devaluations, and financial market uncertainties, AXA Mansard Insurance Plc has emerged as one of Nigeria’s most resilient insurance players in 2024.

Through a thoughtful combination of strong financial fundamentals, a well-diversified portfolio, disciplined risk management, and the strategic backing of its global parent company, the company has managed to deliver record-breaking earnings despite mounting systemic pressures across the sector.

The group’s 2024 financial results revealed that during the full year ended December 31, 2024, the company posted a profit before tax of N31.6 billion, more than double the N15.7 billion it recorded in 2023. The remarkable growth underscores the group’s operational strength and strategic focus amidst a challenging environment.

At the same time, the insurer’s retained earnings grew substantially to N33.9 billion, up from N14.3 billion the previous year, reflecting strong internal capital generation and prudent earnings retention policies.

growth was equally impressive as AXA Mansard’s insurance revenue rose sharply by 59.11 per cent to reach N131.6 billion, compared to N82.7 billion in 2023. Within this performance, the group demonstrated its advantage of operating across multiple insurance lines.

Health insurance emerged as the largest revenue contributor, bringing in N47.2 billion, closely followed by oil and gas insurance at N37.4 billion. Savings products contributed N12.7 billion, fire insurance accounted for N12.6 billion, and other product categories completed the diverse revenue mix.

This multi-pronged income structure not only strengthens the group’s ability to withstand sector-specific shocks but also reflects a well-executed strategy of portfolio diversification.

Rewarding shareholders for this stellar performance, AXA Mansard declared a final dividend of 45 kobo per share on every ordinary share of N2.00. The dividend, payable to shareholders whose names appear on the register as of June 25, 2025, represents a total payout of N4.05 billion.

At a market price of N8.64 per share, the declared dividend offers an attractive yield of 5.20 per cent, while the company’s dividend payout ratio of 27.89 per cent reflects a careful balance between rewarding investors and retaining capital for future growth ambitions.