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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

AXA Mansard

MANSARD · Nigerian Exchange · Consolidated statements

On this page
Company details
Legal name
AXA Mansard Insurance Plc
Listing
MANSARD on the Nigerian Exchange, active · ISIN NGGTASSURE05 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

Read with these figures

  • Auditor's emphasis of matter. Other Matter: 'The consolidated and separate financial statements of AXA Mansard Insurance Plc.
Full wording and sources

  • Auditor's emphasis of matter

    Other Matter: 'The consolidated and separate financial statements of AXA Mansard Insurance Plc. ('the Company') and its subsidiaries (together 'the Group') for the year ended 31 December 2024, were audited by another auditor who expressed an unmodified opinion on those financial statements on 3 April 2025.' (p51)

    Source: AXA Mansard Insurance Plc and Subsidiary Companies Annual Report 31 December 2025 (dated 2026-04-01)

  • Insurance revenue (IFRS 17)

    NGN 161 billion

    160,564,892 NGN thousands · p57

    +21.9% vs 2024

    IFRS 17 insurance revenue, as printed: not gross written premiums.

  • Insurance service result

    NGN 14.8 billion

    14,774,597 NGN thousands · p57

    +8.1% vs 2024

  • Profit / (loss) for the year

    NGN 620 million

    619,794 NGN thousands · p57

    −97.6% vs 2024

  • Total assets

    NGN 228 billion

    227,935,295 NGN thousands · p56

    +17.7% vs 2024

  • Insurance contract liabilities

    NGN 86.4 billion

    86,355,881 NGN thousands · p56

    +37.9% vs 2024

  • Total equity

    NGN 56.1 billion

    56,054,553 NGN thousands · p56

    +6.0% vs 2024

Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Insurance revenue 160,564,892 131,667,174
Insurance service expenses (111,905,307) (84,525,154)
Net expense from reinsurance contracts held (33,884,988) (33,480,739)
Insurance service results 14,774,597 13,661,281
interest method 11,850,401 9,876,408
Other investment income1 843,216 25,599,531
Securities2 (114,295) (224,036)
Impairment write-back/(loss) on Receivables3 (101,164) (884,495)
Investment return 12,478,158 34,367,408
Finance expense from reinsurance contracts4 –5 (358)
Net Insurance Financial Result6 12,478,158 34,367,050
Other income7 7,306,569 3,657,520
Expenses for marketing and administration8 (4,608,640) (4,101,262)
Employee benefit expense (8,182,792) (6,724,722)
Finance cost (1,113,006) (591,283)
Other operating expenses (14,533,424) (8,574,412)
Profit before tax 6,121,461 31,694,172
Income tax expense (5,501,667) (5,729,123)
Profit for the year 619,794 25,965,049
Non-controlling interest9 (2,010,998) 1,093,791
Change in fair value of debt securities10 7,089,157 (12,591,870)
Impairment charges on FVTOCI11 13,561 224,036
Finance expense from reinsurance contracts12 (5,891) –13
Net finance expense/(income) from insurance contracts14 (490,768) 922,188
Other comprehensive profit/(loss) for the year 6,606,058 (11,445,647)
Total comprehensive income for the year 7,225,853 14,519,402
Owners of the parent15 9,236,851 13,425,612
Non-controlling interests16 (2,010,998) 1,093,791
  1. Printed “-”, read as nil: subtotal_arithmetic: is.native.co_nf96xkda3xra.net_insurance_financial_result.
  2. Printed “-”, read as nil: subtotal_arithmetic: is.other_comprehensive_income.
Notes and alternative reported figures (14)
  1. “Other investment income” is an issuer-specific line, not mapped to a shared definition: Note 34; within investment return.
  2. “Securities” is an issuer-specific line, not mapped to a shared definition: Note 39a; within investment return.
  3. “Impairment write-back/(loss) on Receivables” is an issuer-specific line, not mapped to a shared definition: Note 39b; within investment return.
  4. “Finance expense from reinsurance contracts” is an issuer-specific line, not mapped to a shared definition: Note 40; between investment return and net insurance financial result.
  5. “Net Insurance Financial Result” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: investment return plus finance expense from reinsurance contracts (no insurance finance expense on contracts issued is printed in profit or loss).
  6. “Other income”: mapping to a shared definition is uncertain. Printed 'Other income' (note 35).
  7. “Expenses for marketing and administration”: mapping to a shared definition is uncertain. Printed 'Expenses for marketing and administration' (note 36): marketing and administration together.
  8. “Non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Attribution of profit.
  9. “Change in fair value of debt securities” is an issuer-specific line, not mapped to a shared definition: OCI that may be reclassified; note 27.5.
  10. “Impairment charges on FVTOCI” is an issuer-specific line, not mapped to a shared definition: OCI that may be reclassified; note 27.5.
  11. “Finance expense from reinsurance contracts” is an issuer-specific line, not mapped to a shared definition: OCI that may be reclassified; note 27.6.
  12. “Net finance expense/(income) from insurance contracts” is an issuer-specific line, not mapped to a shared definition: OCI that may be reclassified; note 27.6.
  13. “Owners of the parent” is an issuer-specific line, not mapped to a shared definition: Attribution of total comprehensive income.
  14. “Non-controlling interests” is an issuer-specific line, not mapped to a shared definition: Attribution of total comprehensive income.

Balance sheet

Balance sheet, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Cash and cash equivalents 39,557,193 20,056,892
Fair value through profit or loss 6,413,051 3,038,461
Fair value through OCI 89,768,809 95,393,009
Other Investment Securities at amortised Cost 8,159,667 1,864,192
Financial assets designated at fair value1 3,190,959 2,500,958
Loans and receivables at amortised costs2 5,096,829 1,846,913
Reinsurance contract assets 28,893,948 19,837,967
Trade receivable3 6,071,308 6,691,718
Other receivables4 5,371,468 4,514,704
Investment property 29,109,591 31,769,053
Investment in subsidiaries5 –6 –6
Intangible assets 835,669 985,650
Property and equipment 4,642,020 4,209,740
Right-of-use asset 324,783 399,609
Statutory deposit7 500,000 500,000
TOTAL ASSETS 227,935,295 193,608,866
Insurance contract liabilities 86,355,881 62,625,709
Other Insurance liabilities8 5,187,385 4,173,307
At amortised cost9 9,445,415 10,287,523
Liabilities designated at fair value10 3,190,959 2,500,958
Trade payable11 9,329,784 12,716,537
Other liabilities 9,124,868 6,717,479
Other technical liabilities12 31,350,514 24,536,167
Current income tax liabilities 2,926,038 3,599,912
Borrowings 7,188,447 8,904,094
Deferred tax liability 7,781,450 4,668,481
TOTAL LIABILITIES 171,880,742 140,730,167
Share capital 18,000,000 18,000,000
Share premium 78,255 78,255
Contingency reserve13 11,533,157 8,757,184
Treasury shares14 (111,476) (111,476)
Fair value reserves (7,371,392) (14,474,110)
Insurance finance reserve15 424,803 921,463
Retained earnings 29,747,782 33,942,963
SHAREHOLDERS' FUNDS 52,301,130 47,114,278
Non-controlling interest in equity 3,753,423 5,764,421
TOTAL EQUITY 56,054,553 52,878,700
TOTAL LIABILITIES AND EQUITY 227,935,295 193,608,866
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.total_assets.
Notes and alternative reported figures (14)
  1. “Financial assets designated at fair value” is an issuer-specific line, not mapped to a shared definition: Note 9.3; equal to investment contract liabilities designated at fair value.
  2. “Loans and receivables at amortised costs” is an issuer-specific line, not mapped to a shared definition: Note 13; printed among investment securities.
  3. “Trade receivable”: mapping to a shared definition is uncertain. Printed 'Trade receivable' (note 11); other receivables are a separate line (native).
  4. “Other receivables” is an issuer-specific line, not mapped to a shared definition: Note 12.
  5. “Investment in subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 15; nil (dash) in the Group columns.
  6. “Statutory deposit” is an issuer-specific line, not mapped to a shared definition: Note 19: deposit with the regulator.
  7. “Other Insurance liabilities” is an issuer-specific line, not mapped to a shared definition: Note 10a (ii).
  8. “At amortised cost”: mapping to a shared definition is uncertain. Printed '– At amortised cost' under 'Investment contract liabilities:'; the part designated at fair value is a separate line (native).
  9. “Liabilities designated at fair value” is an issuer-specific line, not mapped to a shared definition: Note 20.
  10. “Trade payable”: mapping to a shared definition is uncertain. Printed 'Trade payable' (note 21); other liabilities are a separate line.
  11. “Other technical liabilities” is an issuer-specific line, not mapped to a shared definition: Note 23.
  12. “Contingency reserve” is an issuer-specific line, not mapped to a shared definition: Note 27.3: statutory contingency reserve.
  13. “Treasury shares” is an issuer-specific line, not mapped to a shared definition: Note 27.4.
  14. “Insurance finance reserve” is an issuer-specific line, not mapped to a shared definition: Note 27.6.

Cash flow

Cash flow, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Cash premium received1 155,449,346 131,517,305
Cash paid as reinsurance premium2 (55,538,096) (36,328,838)
Fee income received3 8,568,107 5,166,961
Cash received on investment contract liabilities4 1,118,487 404,246
Cash paid to investment contract holders5 (1,429,104) (223,739)
Claims paid6 (81,400,148) (63,214,587)
Cash received from reinsurers on recoveries for claims paid7 4,024,189 4,733,770
Cash received from coinsurers on recoveries and claims paid8 (151,441) 72,511
Underwriting expenses paid9 (20,500,373) (9,654,064)
Employee benefits paid10 (8,297,939) (6,324,722)
Rent received11 1,668,319 1,627,456
Lease payments made12 –13 (364,692)
Other operating expenses paid14 (9,626,016) (9,833,605)
Additions to Unallocated premiums & refunds15 10,374,394 5,868,949
Premium received in advance16 12,338,914 15,898,962
Changes in working capital17 16,598,641 39,345,913
Income tax paid (3,344,358) (1,906,514)
Net cash flow from operating activities 13,254,283 37,439,399
Purchases of property, plant and equipment (2,167,229) (1,571,262)
Dividend received18 80,713 948,794
Investment income received19 1,952,966 7,798,833
Purchase of intangible assets (187,691) (274,563)
Proceeds from the disposal of property and equipment 12,576 15,300
Purchase of fair value through profit or loss financial assets20 (13,831,699) (11,013,317)
Sale of fair value through profit or loss financial assets21 11,387,123 19,352,262
Sale of fair value through other comprehensive income financial assets22 72,627,237 23,907,639
Purchase of fair value through other comprehensive income financial assets23 (49,272,670) (83,122,936)
Sales of Other Investment Securities at amortised Costs24 2,267,409 9,331,998
Purchase of Other Investment Securities at amortised Costs25 (8,032,356) (8,926,100)
Increase in loans and receivables to related parties26 (6,241,907) (155,000)
Repayment of loans and receivables to related parties27 2,618,740 3,384,356
Increase in staff loans and receivables28 (839,906) (693,011)
Repayment of staff loan and advances29 1,235,655 41,240
Net cash flow generated from/(used in) investing activities 11,608,959 (40,975,767)
Final dividend paid (4,050,000) (3,060,000)
Interest & principal repayment on borrowings30 (1,534,943) (338,068)
Net cash used in financing activities (5,584,943) (3,398,068)
Net increase/(decrease) in cash and cash equivalents 19,278,300 (6,934,437)
Cash and cash equivalent at beginning of year 20,056,892 26,173,323
Effect of exchange rate changes on cash and cash equivalent 222,001 818,006
Cash and cash equivalent at end of year 39,557,193 20,056,892
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_generated_from_operations.
Notes and alternative reported figures (29)
  1. “Cash premium received” is an issuer-specific line, not mapped to a shared definition: Direct method, operating activities.
  2. “Cash paid as reinsurance premium” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  3. “Fee income received” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  4. “Cash received on investment contract liabilities” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  5. “Cash paid to investment contract holders” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  6. “Claims paid” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  7. “Cash received from reinsurers on recoveries for claims paid” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  8. “Cash received from coinsurers on recoveries and claims paid” is an issuer-specific line, not mapped to a shared definition: Operating activities (negative in 2025).
  9. “Underwriting expenses paid” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  10. “Employee benefits paid” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  11. “Rent received” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  12. “Lease payments made” is an issuer-specific line, not mapped to a shared definition: Presented within operating activities (nil in 2025).
  13. “Other operating expenses paid” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  14. “Additions to Unallocated premiums & refunds” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  15. “Premium received in advance” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  16. “Changes in working capital”: mapping to a shared definition is uncertain. Printed 'Changes in working capital' (16,598,641; 2024: 39,345,913) as the unruled total of the operating receipts and payments above it, before income tax paid; recorded as cash generated from operations because it is that sum (p60).
  17. “Dividend received” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  18. “Investment income received” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  19. “Purchase of fair value through profit or loss financial assets” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  20. “Sale of fair value through profit or loss financial assets” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  21. “Sale of fair value through other comprehensive income financial assets” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  22. “Purchase of fair value through other comprehensive income financial assets” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  23. “Sales of Other Investment Securities at amortised Costs” is an issuer-specific line, not mapped to a shared definition: Investing activities (printed negative in both years).
  24. “Purchase of Other Investment Securities at amortised Costs” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  25. “Increase in loans and receivables to related parties” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  26. “Repayment of loans and receivables to related parties” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  27. “Increase in staff loans and receivables” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  28. “Repayment of staff loan and advances” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  29. “Interest & principal repayment on borrowings” is an issuer-specific line, not mapped to a shared definition: Financing activities: interest and principal in one line.

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Earnings / (loss) per share (per share)3 0.291 2.762
Profit / (loss) attributable to shareholders (NGN thousands)4 2,630,792 24,871,258
  1. Printed as 29 kobo; value converted to NGN at 100 kobo = 1 NGN.
  2. Printed as 276 kobo; value converted to NGN at 100 kobo = 1 NGN.
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Basic (kobo)”.
  2. Profit / (loss) attributable to shareholders: printed as “Owners of the parent”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Final dividend paid (4,050,000) NGN thousands Annual report, p60
31 Dec 2024 Dividends paid (cash flow statement) Final dividend paid (3,060,000) NGN thousands Annual report, p60

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • AXA Mansard Insurance Plc and Subsidiary Companies Annual Report 31 December 2025

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: Ernst & Young, Lagos, Nigeria, unmodified opinion · signed

    Auditor's sign-off: Abiodun Akinnusi (FRC/2021/PRO/ICAN/004/00000023386), for Ernst & Young

    Final status: The independent auditor's report to the members (opinion PDF p48) is signed by hand by Abiodun Akinnusi (FRC/2021/PRO/ICAN/004/00000023386) for Ernst & Young, Lagos, dated 1 April 2026, with the ICAN seal (PDF p54, page image). The statement of financial position is 'Signed on behalf of the Board of Directors on 27th February 2026' with visible signatures of Mrs. Ngozi Ola-Israel (CFO), Mr. Adekunle Ahmed (CEO) and Mr. Kola Adesina (Chairman) (PDF p56, page image).

    Document date
    1 Apr 2026
    Auditor's report
    1 Apr 2026
    Board approval
    27 Feb 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · NGN thousands (printed “All amounts in thousands of Naira”)
    • The directory lists 'AXAMANSARD INSURANCE PLC'; the document prints 'AXA Mansard Insurance Plc' throughout (cover p1, auditor's report p48). The same name, spaced differently.
    • In the cash-flow statement the line headed 'Changes in working capital' (16,598,641; 2024: 39,345,913) is the total of the direct-method operating receipts and payments printed above it, before income tax paid (p60); recorded as cash generated from operations with an ambiguous mapping.
    • Profit before tax 6,121,461 is one thousand naira below the sum of its printed components (6,121,462): rounding in the issuer's figures, kept as printed (p57).
    • The key audit matter cites Group insurance contract liabilities of '₦84.6 billion (2024: ₦62.6 billion)' (p49); the statement of financial position prints 86,355,881 thousand (2024: 62,625,709) (p56). Figures are transcribed from the statement.
    • Unclassified IFRS 17 statement of financial position (no current/non-current split); 'SHAREHOLDERS' FUNDS' and 'Total equity attributable to the owners of the parent' print the same figures (p56).
    • Earnings per share is printed in kobo: basic and diluted 29 (2024: 276) for the Group; the EPS block is printed twice with identical figures (p57). Stored in naira with the printed figure and unit kept.
    Technical details
    File
    234 pages, with a text layer
    SHA-256
    d7f0031be5981a24993833ecf2e8181efc1a2638ac6b0dc18394d78def548823
    Entity as printed
    AXA Mansard Insurance Plc ("the Company") and its subsidiaries (together "the Group")
    Exchange copy
    retrieved 2026-10-08T18:00:40Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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