Two insurance firms, AXA Mansard and International Energy Insurance Plc, have projected about N5.53bn in profit before tax in the first quarter of 2026.
This projection was disclosed in their financial forecast for the first quarter of 2026, which was filed with the Nigerian Exchange Group.
The PUNCH reports that the forecast reports, addressed to the Nigerian Exchange Group, form part of the companies’ statutory disclosure obligations.
For AXA Mansard Insurance, it is projecting a profit before tax of N4.24bn and a profit after tax of N3.6bn for the period.
According to the document signed by the Company Secretary, Omowunmi Adewusi, AXA Mansard expects to generate N47.18bn in insurance revenue in Q1 2026. Insurance service expenses are forecast at N32.19bn, while net expense from reinsurance contracts held is projected at N9.78bn, bringing the insurance service result to N5.20bn.
AXA Mansard also anticipates N5.42bn in net investment and other income for the quarter. The forecast includes operating expenses expected to settle at N6.18bn.
With these projections, taxes are expected to come in at N635.32m, resulting in the projected N3.6bn profit after tax.
The company’s cash flow outlook for the period shows N4.33bn expected from operating activities, with no cash flows projected from financing activities.
Cash flows from investing activities are estimated at a negative N7.02bn, leading to a net decrease of N2.70bn in cash and cash equivalents for the quarter. AXA Mansard projects that it will begin the period with N11.90bn in cash and bank balances and end with N9.20bn.
For International Energy Insurance, profit before tax in Q1 2026 is projected at N1.29bn and profit after tax at N868.5m.
According to figures in the projection signed by the company’s Chief Financial Officer, Uyi Osagie, and the Acting Managing Director, Dr Joyce Odiachi, the insurer expects to generate N3.76bn in gross premium written, with an insurance service result of N2.71bn. Operating profit is projected at N809.38m, while interest and similar income are estimated at N486.35m. Projected taxation is N427.26m.
In its statement, IEI noted that the forecast is premised on several key assumptions. These include stable government policies throughout 2025, sustained management quality, and the expectation that the insurer will not experience major uninsured risks or catastrophic claims during the period.
IEI also projects continued customer loyalty and increased industry revenue from the mandatory implementation of ‘Building under Construction’ and ‘Public Building’ insurance policies. Additionally, the forecast reflects adherence to the National Insurance Commission’s ‘No Premium, No Cover’ guidelines.
The projection underscores the company’s optimistic outlook for 2026 as it leverages regulatory enforcement and stable operating conditions to strengthen performance.
The PUNCH reports that the Nigerian Insurance Industry Reform Act 2025 has expanded the scope of compulsory insurance in the country.
