Economy
HY 2025: AXA Mansard Impresses With 24% Surge in Insurance Revenues
By Aduragbemi Omiyale
One of the leading underwriting firms in Nigeria, AXA Mansard Insurance Plc, sustained its growth momentum in the first half of 2025 with a 24 per cent year-on-year rise in insurance revenues to N81.15 billion under the new IFRS 17 reporting standards.
Earnings from its Property and Casualty portfolio rose by 10 per cent to N35.43 billion, Life and Savings climbed by 17 per cent to N14.15 billion, while the Health segment expanded by 48 per cent growth to N31.58 billion.
The strong financial performance of the member of AXA Group for the half-year ended June 30, 2025, was disclosed in the financial statements submitted to the Nigerian Exchange (NGX) Limited.
It was observed that Gross Written Premiums (GWPs) grew by 23 per cent to N115.31 billion, supported by double-digit expansion across all verticals.
In the same vein, Property and Casualty premiums rose by 11 per cent to N52.60 billion, as Life and Savings jumped by 18 per cent to N16.78 billion, and Health premiums soared by 41 per cent to N45.93 billion, underscoring strong demand for healthcare-related insurance solutions amid rising awareness and healthcare costs.
The results reaffirm AXA Mansard’s position as one of Nigeria’s leading composite insurers and signal a continuation of its strategic priorities to expand market share, innovate product offerings, and deepen insurance penetration in Nigeria.
According to the Chief Financial Officer of AXA Mansard, Mrs Ngozi Ola-Israel, the company’s topline growth was driven by strong renewal rates and consistent traction from new business across key product lines.
“In HY 2025, we recorded a 24 per cent year-on-year growth in insurance revenues, reinforced by strong renewal ratios and consistent traction from new businesses across our strategic product lines.
“This topline performance showcases the effectiveness of our distribution channels and the sustained relevance of our product suite in a dynamic operating business environment,” she said.
Despite the strong revenue performance, profit before tax declined by 73 per cent to N7.73 billion due to the non-recurrence of significant foreign exchange gains recorded in the prior year.
However, when adjusted for the one-off FX impact, the underlying profit before tax would have shown a 72 per cent growth, driven by disciplined underwriting and effective cost management.
The chief executive of AXA Mansard Insurance, Mr Kunle Ahmed, described the first-half results as a reflection of the insurer’s operational resilience and commitment to sustainable growth.
“We delivered a solid revenue performance in the first half of the year, a clear reflection of the strength of our core business.
“As we move into the second half of the year, we are committed to preserving margin resilience while positioning the business to capture emerging value-accretive opportunities across our markets,” Mr Ahmed said.
He added that the company would continue to focus on quality growth, prudent risk management, and capital efficiency to navigate market challenges and deliver long-term value to shareholders.
“We remain confident in the fundamentals of our business and the growth potential within our market.
“By leveraging our technical expertise, advancing our digital agenda, and harnessing the collective efforts of our people, partners, and brokers, we are well-positioned to strengthen returns and deliver sustainable value to our shareholders,” he added.
By Aduragbemi Omiyale
Shares of First Holdco Plc worth N45.0 billion issued through a private placement have been listed on the Nigerian Exchange (NGX) Limited.
A circular issued by the Head of Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, disclosed that the equities were admitted for trading at the stock market on Monday.
According to the notice, the additional shares brought for listing to rank pari passu with existing shares of the organisation were 1,021,334,544 units.
These stocks were sold to one of the company’s major shareholders at a unit price of N44.06, amounting to N45.0 billion.
The total issued and fully paid-up shares of First Holdco, as a result of this listing, are now 45,475,027,677 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 1,021,334,544 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, June 22, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 1,021,334,544 ordinary shares of 50 Kobo each at N44.06 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased to 45,475,027,677 ordinary shares of 50 Kobo each from 44,453,693,133 ordinary shares of 50 Kobo each,” the disclosure stated.
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has approved fresh import licences for petrol and diesel for the third quarter of 2026 (July – September) to prevent potential supply shortages in the domestic market.
According to a report by global energy intelligence firm, Argus Media, the latest approvals were issued to major downstream operators amid declining fuel stock levels and concerns over reduced petrol production at the 700,000 barrels per day Dangote Petroleum Refinery in Lagos.
The move comes as Nigeria continues to balance increasing local refining capacity with the need to guarantee adequate supplies of petroleum products across the country.
According to the Argus report, domestic firms, including AA Rano, AYM Shafa, Bono Energy, Nipco, Matrix Energy and Pinnacle Oil, received permits to import Premium Motor Spirit, popularly known as petrol, during the July-September period.
The publication further reported that the same companies, with the exception of Nipco, were granted approvals to import Automotive Gas Oil, commonly known as diesel. The fresh approvals follow an earlier batch of petrol import permits issued by the regulator in May, covering about 720,000 metric tonnes.
Quoting a regulatory source, Argus noted that many of the companies granted the latest approvals were among those that had received permits in previous rounds. “These are some of the same ones that previously received the PMS permits,” the source was quoted as saying.
It was also claimed that AA Rano and Matrix Energy each received approvals to import 180,000 metric tonnes of petrol. AYM Shafa received approval for 120,000 metric tonnes, while Pinnacle Oil received a permit covering 150,000 metric tonnes.
For diesel imports, Argus reported that AYM Shafa obtained a permit for 60,000 metric tonnes, while Pinnacle secured approval for 45,000 metric tonnes. The report stated that the import approvals were issued only recently, after being delayed from an initial target date of June 15.
By Adedapo Adesanya
Three securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.01 per cent on Tuesday, June 23, dragging the market capitalisation down by N25.91 billion to N2.544 trillion from Monday’s N2.570 trillion. Also, the NASD Security Index (NSI) decreased by 43.17 points to 4,239.34 points from 4,282.51 points.
The triplet price losers were Central Securities Clearing System (CSCS) Plc, which gave up N4.82 to trade at N75.00 per unit versus Monday’s closing price of N79.82 per unit. NASD Plc depreciated by N3.70 to close at N33.30 per share compared with the preceding day’s N37.00 per share, and Nitrox Industrial Gases Plc marginally lost 1 Kobo to sell at N21.41 per unit, in contrast to the previous session’s N21.42 per unit.
Tuesday’s trading data showed that the volume of securities traded by investors retreated by 35.9 per cent to 211,671 units from 330,034 units, and the value of securities fell by 82.9 per cent to N5.6 million from N32.7 million, while the number of deals doubled to 38 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.1 million units transacted for N4.7 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, trailed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
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