AXA Mansard Insurance Plc's profit after tax rose 81.5% in the nine months through Sept. 30, as its insurance service result grew and cash from operations increased, BusinessDay reported, citing unaudited financial statements.
BusinessDay reported pretax profit of 12.87 billion naira, compared with 6.10 billion naira in the same period of 2025. The insurer's insurance service result reached 19.24 billion naira, up from 10.34 billion naira.
Insurance revenue totaled 143.14 billion naira, 18.8% above the year-earlier figure. Insurance service expenses were 92.82 billion naira, up 9.4%. Net expenses from reinsurance contracts held came to 31.08 billion naira, versus 25.37 billion naira.
Revenue recognized under the effective-interest method was 12.28 billion naira, compared with 8.95 billion a year earlier. Investment returns reached 9.80 billion naira, up from 8.98 billion.
Some costs rose more quickly. Employee benefit expenses were 8 billion naira, 34.2% higher than 5.96 billion naira. Other operating expenses totaled 9.90 billion naira, compared with 8.29 billion, while marketing and administration expenses eased to 2.37 billion naira from 2.40 billion.
Cash from operations increased to 5.48 billion naira from 1.22 billion naira. Investing activities used 14.19 billion naira, more than twice the 6.71 billion naira recorded a year earlier, and financing activities used 2.63 billion naira. Cash and cash equivalents fell by 11.35 billion naira overall during the period.
At Sept. 30, total assets stood at 260.66 billion naira, up 18.2% from a year earlier. Cash was 28.12 billion naira, compared with 11.35 billion, while securities recorded through other comprehensive income at fair value totaled 112.09 billion naira, versus 105.81 billion.
Total liabilities increased 23% to 194.54 billion naira, while shareholders' equity rose 5.9% to 66.12 billion naira. Retained earnings were 39.41 billion naira, up from 35.09 billion a year earlier.
