Two insurance companies, AXA Mansard and International Energy Insurance Plc, have projected a combined profit before tax of N5.53 billion for the first quarter of 2026.
The companies disclosed this in their financial forecasts filed with the Nigerian Exchange Group as part of their statutory disclosure requirements.
AXA Mansard Insurance projected a profit before tax of N4.24 billion and a profit after tax of N3.6 billion for the period. The company also expects to generate N47.18 billion in insurance revenue in the first quarter of 2026.
According to the forecast signed by the company secretary, Omowunmi Adewusi, insurance service expenses are expected at N32.19 billion, while net expenses from reinsurance contracts are projected at N9.78 billion. This is expected to result in an insurance service result of N5.20 billion.
The company also anticipates N5.42 billion in net investment and other income, with operating expenses forecast at N6.18 billion. Taxes are expected to amount to N635.32 million, leading to the projected profit after tax of N3.6 billion.
AXA Mansard’s cash flow outlook shows N4.33 billion expected from operating activities and no cash flows from financing activities. Investing activities are projected at a negative N7.02 billion, resulting in a net cash decrease of N2.70 billion for the quarter. The company expects to start the period with N11.90 billion in cash and end with N9.20 billion.
International Energy Insurance Plc projected a profit before tax of N1.29 billion and a profit after tax of N868.5 million for the same period.
Figures signed by the company’s Chief Financial Officer, Uyi Osagie, and Acting Managing Director, Joyce Odiachi, show the insurer expects to generate N3.76 billion in gross premium written, with an insurance service result of N2.71 billion.
Operating profit is projected at N809.38 million, while interest and similar income are estimated at N486.35 million. Taxation is projected at N427.26 million.
The company said its projections are based on stable government policies, strong management, and the absence of major uninsured risks or catastrophic claims.
It also expects continued customer loyalty and increased industry revenue from the mandatory enforcement of building under construction and public building insurance policies, as well as compliance with the “No Premium, No Cover” guideline.
