AM Best Revises Outlooks to Stable for AXA Mansard Insurance Plc

LONDON--(BUSINESS WIRE)--AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of AXA Mansard Insurance Plc (AXA Mansard) (Nigeria).

The Credit Ratings (ratings) reflect AXA Mansard’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect rating enhancement, in the form of lift, from AXA Mansard’s ultimate parent, AXA S.A.

The revision of the outlooks to stable from negative reflects a stabilisation in AXA Mansard’s balance sheet strength fundamentals. Economic conditions in Nigeria have improved, evidenced by falling inflation and a stabilisation of foreign exchange rates, which supports AM Best’s expectation that AXA Mansard’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), will remain at least at the very strong level over the medium term.

AXA Mansard has a track record of adequate operating performance, generating a solid return-on-equity (ROE) ratio of 55% in 2024, and 10% in 2025 based on pre-audit financials. When adjusted for movements via other comprehensive income, ROEs stood at 31% and 21% in 2024 and 2025, respectively, comfortably exceeding Nigeria 10-year government bond yields. Underwriting performance has been modest and subject to volatility, with non-life combined ratios typically trending close to break even, leaving the company reliant on investment income and other non-technical earnings. While underwriting performance weakened in 2025, with the pre-audit net/net combined ratio exceeding 105%, as calculated by AM Best, corrective measures implemented by the management team are expected to translate to improved results in the near term.

AXA Mansard is a composite insurer, writing a diverse book of business that is concentrated in Nigeria. The company has a solid foothold in its domestic market where it ranks among the largest non-life companies and enjoys a leading market position in the health segment. With good long-term growth prospects, AXA Mansard is expected to strengthen its competitive position further over the coming years.

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AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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