Income Statement AXA Mansard Insurance Plc

Equities

MANSARD

NGGTASSURE05

Life & Health Insurance

End-of-day quote Nigerian S.E. Other stock markets 2026-02-09			5-day change	1st Jan Change
14.40 ^NGN	+0.70%		-9.38%	+5.11%

Jan. 31	AXA Mansard Insurance Plc Reports Earnings Results for the Full Year Ended December 31, 2025	CI
Dec. 05	AXA Mansard Insurance forecasts Q1 2026 profit before tax of 4.24 billion naira	RE

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Published financial data: AXA MANSARD INSURANCE PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Premiums and Annuity Revenues	31.69B	37.14B	46.14B	82.75B	132B
Total Interest And Dividend Income	5.65B	5.56B	7.21B	6.16B	11.26B
Gain (Loss) on Sale of Investments, Total (Rev)	14.78M	-597M	54.16M	-20.77M	-394M
Other Revenues, Total	4.73B	2.11B	2.26B	2.19B	3.64B
Total Revenues	42.07B	44.22B	55.66B	91.08B	146B
Policy Benefits	22B	25B	34.83B	71.48B	118B
Policy Acquisition / Underwriting Costs, Total	3.25B	3.47B	3.78B	-	-
Selling General & Admin Expenses, Total	1.43B	1.68B	1.74B	2.88B	4.52B
Provision for Bad Debts	113M	86.05M	258M	345M	736M
Provision For Loan Losses - (Ins. / REIT / Utility Templates)	-	-	-	-	-
Salaries And Other Employee Benefits	2.91B	3.63B	4.82B	5.35B	6.32B
Other Operating Expenses	4.16B	5.32B	5.97B	6.47B	8.7B
Total Operating Expenses	33.88B	39.18B	51.41B	86.53B	138B
Operating Income	8.2B	5.03B	4.25B	4.55B	7.88B
Interest Expense, Total	-871M	-542M	-488M	-1.38B	-983M
Currency Exchange Gains (Loss)	-	1.24B	973M	15.98B	26.92B
Other Non Operating Income (Expenses)	-	2.37M	-7.03M	-	-1K
EBT, Excl. Unusual Items	7.33B	5.73B	4.73B	19.15B	33.82B
Total Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) on Sale of Assets	823M	11.4M	5.74M	14.84M	15.3M
Asset Writedown	-2.28B	39.98M	-1.36B	-3.39B	-2.14B
EBT, Incl. Unusual Items	5.87B	5.78B	3.38B	15.77B	31.69B
Income Tax Expense	1.57B	2.05B	942M	3.72B	5.73B
Earnings From Continuing Operations	4.3B	3.74B	2.43B	12.05B	25.97B
Net Income to Company	4.3B	3.74B	2.43B	12.05B	25.97B
Minority Interest	305M	-570M	214M	-564M	-1.09B
Net Income - (IS)	4.6B	3.16B	2.65B	11.48B	24.87B
Net Income to Common Incl Extra Items	4.6B	3.16B	2.65B	11.48B	24.87B
Net Income to Common Excl. Extra Items	4.6B	3.16B	2.65B	11.48B	24.87B
Per Share Items
Net EPS - Basic	0.8	0.35	0.29	1.28	2.76
Basic EPS - Continuing Operations	0.8	0.35	0.29	1.28	2.76
Basic Weighted Average Shares Outstanding	5.77B	9B	9B	9B	9B
Net EPS - Diluted	0.8	0.35	0.29	1.28	2.76
Diluted EPS - Continuing Operations	0.8	0.35	0.29	1.28	2.76
Diluted Weighted Average Shares Outstanding	5.81B	9B	9B	9B	9B
Normalized Basic EPS	0.85	0.33	0.35	1.27	2.23
Normalized Diluted EPS	0.84	0.33	0.35	1.27	2.23
Dividend Per Share	0.22	0.25	0.36	0.4	0.45
Payout Ratio	-	62.56	105.34	28.21	12.3
Supplemental Items
EBITDA	8.7B	5.64B	5.02B	5.26B	8.98B
EBITA	8.21B	5.03B	4.25B	4.55B	7.88B
EBIT	8.2B	5.03B	4.25B	4.55B	7.88B
EBITDAR	-	5.69B	-	5.27B	9.24B
Effective Tax Rate - (Ratio)	26.83	35.43	27.9	23.61	18.08
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	1.54B	1.9B	962M	1.77B	3.35B
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	-23.78M	120M	-76.94M	1.87B	2.08B
Normalized Net Income	4.88B	3.01B	3.17B	11.4B	20.04B
Interest on Long-Term Debt	-	124M	91.36M	303M	48.43M
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	431M
Marketing Expenses	-	-	-	-	101M
Selling and Marketing Expenses	-	-	-	-	532M
Net Rental Expense, Total	-	44.19M	-	5.91M	252M
Imputed Operating Lease Interest Expense	-	54.76M	-	13.65M	253M
Imputed Operating Lease Depreciation	-	-10.58M	-	-7.73M	-839K
Stock-Based Comp., SG&A Exp. (Total)	-	104M	80.52M	235M	400M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	-	104M	80.52M	235M	400M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Investment In Debt Securities	22.22B	26.17B	26.95B	39.89B	95.39B
Investment In Equity and Preferred Securities, Total	264M	294M	356M	-	-
Trading Asset Securities, Total	5.44B	3.65B	3.39B	11.06B	3.04B
Real Estate Owned	13.69B	14.56B	14.01B	20.87B	31.77B
Total Other Investments	12.8B	8.65B	12.78B	2.24B	1.86B
Total investments	54.43B	53.32B	57.47B	74.06B	132B
Cash And Equivalents	22.63B	17.34B	13.47B	26.17B	20.06B
Reinsurance Recoverable - (IS)	6.88B	7B	9.53B	17.79B	20.04B
Other Receivables - (Insurance Template)	7.9B	10.55B	13.3B	12.56B	10.65B
Deferred Policy Acquisition Costs - (BS)	355M	753M	862M	-	-
Gross Property Plant And Equipment	-	7.15B	8.83B	10.92B	10.74B
Accumulated Depreciation	-	-3.55B	-4.94B	-5.91B	-6.13B
Net Property Plant And Equipment	3.24B	3.6B	3.88B	5.01B	4.61B
Goodwill	12M	12M	12M	12M	12M
Other Intangibles, Total	320M	389M	434M	944M	974M
Restricted Cash	500M	500M	500M	500M	500M
Other Current Assets, Total	3.01B	6.22B	4.25B	-	-
Deferred Charges Long-Term	-	-	-	1.57B	2.2B
Other Long-Term Assets, Total	-	4.37B	2.51B	2.5B	2.5B
Total Assets	99.27B	104B	106B	141B	194B
Liabilities
Accounts Payable, Total	-	-	-	-	-
Accrued Expenses, Total	7.52B	4.57B	7.49B	9.25B	15.13B
Insurance And Annuity Liabilities	8.65B	9.86B	11.14B	55.2B	72.01B
Unpaid Claims	11.6B	13.78B	20.48B	-	-
Unearned Premiums	14.36B	19.23B	19.25B	5.8B	15.9B
Reinsurance Payable - (BS)	1.41B	1.12B	1.58B	1.97B	4.12B
Current Portion of Long-Term Debt	-	2.38B	2.1B	5.18B	2.79B
Current Portion of Leases	-	-	-	429M	77.5M
Long-Term Debt	3.04B	76.69M	76.69M	76.69M	6.11B
Long-Term Leases	543M	889M	852M	858M	155M
Separate Account Liability	5.13B	6.87B	4.21B	9.71B	10.29B
Current Income Taxes Payable	1.68B	1.96B	1.13B	1.86B	3.6B
Deferred Tax Liability Current	-	-	-	-	-
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	63.81M	4.45B	2.6B	2.63B	2.64B
Unearned Revenue Non Current	1.28B	931M	801M	1.25B	1.69B
Pension & Other Post Retirement Benefits	-	-	-	-	18.7M
Deferred Tax Liability Non-Current	825M	933M	856M	2.58B	4.67B
Other Non Current Liabilities	5.64B	2.62B	546M	2.92B	1.53B
Total Liabilities	61.74B	69.67B	73.12B	99.71B	141B
Common Stock, Total	18B	18B	18B	18B	18B
Additional Paid In Capital	-	78.26M	78.26M	78.26M	78.26M
Retained Earnings	10.68B	12.17B	12.03B	20.71B	42.7B
Treasury Stock	-305M	-111M	-111M	-111M	-111M
Comprehensive Income and Other	5.43B	-62.33M	-999M	-1.92B	-13.55B
Total Common Equity	33.8B	30.07B	28.99B	36.75B	47.11B
Minority Interest	3.73B	4.32B	4.11B	4.67B	5.76B
Total Equity	37.53B	34.39B	33.1B	41.42B	52.88B
Total Liabilities And Equity	99.27B	104B	106B	141B	194B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	8.85B	8.94B	8.94B	8.94B	8.94B
ECS Total Common Shares Outstanding	8.85B	8.94B	8.94B	8.94B	8.94B
Book Value / Share	3.82	3.36	3.24	4.11	5.27
Tangible Book Value	33.47B	29.67B	28.55B	35.79B	46.13B
Tangible Book Value Per Share	3.78	3.32	3.19	4	5.16
Total Debt	3.59B	3.34B	3.03B	6.55B	9.14B
Net Debt	-19.04B	-14B	-10.44B	-19.63B	-10.92B
Debt Equivalent Oper. Leases	-	353M	-	47.3M	2.02B
Minority Interest, Total (Incl. Fin. Div)	3.73B	4.32B	4.11B	4.67B	5.76B
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	-	390M	390M	390M	390M
Buildings, Total	-	657M	657M	657M	657M
Machinery, Total	-	5.21B	6.15B	7.38B	8.99B
Full Time Employees	294	271	262	266	263

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	4.6B	3.16B	2.65B	11.48B	24.87B
Depreciation, Depletion & Amortization	703M	852M	919M	966M	1.15B
Amortization of Goodwill and Intangible Assets - (CF)	11.67M	-	-	-	-
Total Depreciation, Depletion & Amortization	715M	852M	919M	966M	1.15B
Amortization of Deferred Charges, Total	74.86M	118M	104M	137M	245M
(Gain) Loss On Sale of Asset - (CF)	-	-	-	-	-
Total Asset Writedown	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Stock-Based Compensation (CF)	-	-	-	-	-
Provision and Write-off of Bad Debts	-	-	-	-	-
Change in Other Net Operating Assets (Collected)	-	-	-	-	-
Other Operating Activities	-8.24B	3.6B	-3.13B	-1.69B	11.17B
Cash from Operations	-2.85B	7.74B	546M	10.9B	37.44B
Capital Expenditure	-1.02B	-1B	-1.12B	-1.44B	-1.57B
Sale of Property, Plant, and Equipment	10.89M	33.96M	57.37M	14.84M	15.3M
Cash Acquisitions	-	-	-	-	-
Divestitures	3B	-	-	-	-
Purchase / Sale of Intangible Assets	-161M	-159M	-149M	-647M	-275M
Sale (Purchase) of Real Estate Properties (Collected)	1.35B	-	-	-	-
Investment in Marketable and Equity Securities, Total	5.48B	-8.26B	-3.76B	1.62B	-50.47B
Net (Increase) Decrease in Loans Originated / Sold - Investing	7.17M	-	-	-	-
Other Investing Activities, Total	3.66B	1.74B	3.79B	5.52B	11.33B
Cash from Investing	12.32B	-7.65B	-1.18B	5.06B	-40.98B
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Long-Term Debt Repaid, Total	-4.82B	-716M	-916M	-502M	-338M
Total Debt Repaid	-4.82B	-716M	-916M	-502M	-338M
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-	-1.98B	-2.79B	-3.24B	-3.06B
Common & Preferred Stock Dividends Paid	-	-1.98B	-2.79B	-3.24B	-3.06B
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	-4.82B	-2.7B	-3.71B	-3.74B	-3.4B
Foreign Exchange Rate Adjustments	77.02M	-304M	466M	481M	818M
Miscellaneous Cash Flow Adjustments	-1K	1K	2K	-	-
Net Change in Cash	4.72B	-2.91B	-3.87B	12.7B	-6.12B
Supplemental Items
Cash Interest Paid	-	-	-	-	-
Cash Income Tax Paid (Refund)	656M	1.62B	1.85B	1.13B	1.91B
Net Debt Issued / Repaid	-4.82B	-716M	-916M	-502M	-338M
Levered Free Cash Flow	2.88B	5.1B	1.81B	1.33B	26.38B
Unlevered Free Cash Flow	3.43B	5.44B	2.11B	2.19B	26.99B
Change In Net Working Capital	1.3B	-2.38B	379M	-95.56M	-22.12B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	5.35	3.17	2.53	2.31	2.94
Return on Total Capital	13.07	7.96	7.19	6.76	8.96
Return On Equity %	12.71	10.36	7.21	32.33	55.07
Return on Common Equity	15.58	9.89	8.97	34.93	59.31
Margin Analysis
Gross Profit Margin %	39.97	35.61	30.61	21.52	19.27
SG&A Margin	10.33	11.99	11.78	9.04	7.42
EBITDA Margin %	20.68	12.76	9.02	5.78	6.15
EBITA Margin %	19.51	11.39	7.63	4.99	5.39
EBIT Margin %	19.48	11.39	7.63	4.99	5.39
Income From Continuing Operations Margin %	10.21	8.45	4.37	13.23	17.76
Net Income Margin %	10.93	7.16	4.76	12.61	17.02
Net Avail. For Common Margin %	10.93	7.16	4.76	12.61	17.02
Normalized Net Income Margin	11.61	6.81	5.69	12.52	13.71
Levered Free Cash Flow Margin	6.85	11.54	3.25	1.46	18.05
Unlevered Free Cash Flow Margin	8.15	12.3	3.79	2.4	18.47
Asset Turnover
Asset Turnover	0.44	0.45	0.53	0.74	0.87
Fixed Assets Turnover	14.6	12.77	14.87	20.48	30.38
Receivables Turnover (Average Receivables)	6.51	7.3	7.94	13.98	24.36
Short Term Liquidity
Current Ratio	1.24	0.94	0.75	2.51	1.19
Quick Ratio	0.96	0.61	0.45	1.64	0.72
Operating Cash Flow to Current Liabilities	-0.08	0.16	0.01	0.4	0.85
Days Sales Outstanding (Average Receivables)	56.26	50	45.94	26.11	15.03
Average Days Payable Outstanding	235.63	214.56	207.11	8.93	11.02
Long Term Solvency
Total Debt/Equity	9.56	9.72	9.16	15.8	17.28
Total Debt / Total Capital	8.73	8.86	8.39	13.65	14.73
LT Debt/Equity	9.56	2.81	2.8	2.26	11.85
Long-Term Debt / Total Capital	8.73	2.56	2.57	1.95	10.1
Total Liabilities / Total Assets	62.19	66.95	68.84	70.65	72.69
EBIT / Interest Expense	9.41	9.3	8.71	3.29	8.01
EBITDA / Interest Expense	10.23	10.87	10.59	3.99	9.18
(EBITDA - Capex) / Interest Expense	9.06	9.02	8.3	2.95	7.59
Total Debt / EBITDA	0.4	0.57	0.59	1.19	1.01
Net Debt / EBITDA	-2.14	-2.38	-2.02	-3.56	-1.21
Total Debt / (EBITDA - Capex)	0.45	0.68	0.75	1.61	1.22
Net Debt / (EBITDA - Capex)	-2.41	-2.87	-2.58	-4.82	-1.46
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	20	9.52	25.86	17.48	61.63
Gross Profit, 1 Yr. Growth %	26.61	1.02	8.19	19.81	48.6
EBITDA, 1 Yr. Growth %	60.07	-22.32	-11.04	-13.73	70.75
EBITA, 1 Yr. Growth %	63.36	-25.6	-15.62	-14.62	73.24
EBIT, 1 Yr. Growth %	63.78	-25.47	-15.62	-14.62	73.24
Earnings From Cont. Operations, 1 Yr. Growth %	47.7	-17.02	-34.82	375.33	115.5
Net Income, 1 Yr. Growth %	69.85	-34.19	-16.31	317.81	116.56
Normalized Net Income, 1 Yr. Growth %	95.15	-38.96	5.15	252.92	75.77
Diluted EPS Before Extra, 1 Yr. Growth %	162.98	-33.41	-17.14	317.82	116.29
Net Property, Plant and Equip., 1 Yr. Growth %	28.24	8.21	7.86	29.11	-8.06
Accounts Receivable, 1 Yr. Growth %	61.8	3.66	25.48	-29.75	23.54
Total Assets, 1 Yr. Growth %	7.57	10.19	2.08	34.03	37.19
Common Equity, 1 Yr. Growth %	33.82	-11.4	-3.58	26.71	28.21
Tangible Book Value, 1 Yr. Growth %	41.35	-11.73	-3.78	25.34	28.88
Cash From Operations, 1 Yr. Growth %	-163.29	-478.42	-92.94	-603.51	74.38
Capital Expenditures, 1 Yr. Growth %	83.6	-5.37	11.49	28.67	9.09
Levered Free Cash Flow, 1 Yr. Growth %	-59.09	33.6	-86.73	-103	216.78
Unlevered Free Cash Flow, 1 Yr. Growth %	-53.95	22.6	-84.87	-104.99	193.7
Dividend Per Share, 1 Yr. Growth %	-	13.64	44	11.11	12.5
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	23.08	12.3	17.41	43.52	37.31
Gross Profit, 2 Yr. CAGR %	21.45	8.88	4.54	11.56	31.21
EBITDA, 2 Yr. CAGR %	44.49	1.89	-16.87	-3.44	21.37
EBITA, 2 Yr. CAGR %	46.07	0.09	-20.76	-4.95	21.62
EBIT, 2 Yr. CAGR %	46.35	0.29	-20.7	-4.95	21.62
Earnings From Cont. Operations, 2 Yr. CAGR %	31.55	13.33	-26.45	79.6	220.05
Net Income, 2 Yr. CAGR %	44.47	8.09	-25.79	90.49	200.8
Normalized Net Income, 2 Yr. CAGR %	70.31	9.72	-19.88	94.53	149.07
Diluted EPS Before Extra, 2 Yr. CAGR %	80.36	7.42	-25.72	90.94	200.61
Net Property, Plant and Equip., 2 Yr. CAGR %	32.55	19.39	8.03	18	8.95
Accounts Receivable, 2 Yr. CAGR %	46.47	16.56	14.05	-6.12	-6.84
Total Assets, 2 Yr. CAGR %	16.01	6.19	6.06	16.45	35.6
Common Equity, 2 Yr. CAGR %	27.16	9.11	-7.58	10.54	27.46
Tangible Book Value, 2 Yr. CAGR %	31.64	11.94	-7.84	9.83	27.1
Cash From Operations, 2 Yr. CAGR %	73.74	31.05	-48.33	18.69	315.83
Capital Expenditures, 2 Yr. CAGR %	28.79	34.42	2.71	19.77	18.47
Levered Free Cash Flow, 2 Yr. CAGR %	-4.76	-14.92	-31.22	-68.79	-22.71
Unlevered Free Cash Flow, 2 Yr. CAGR %	11.69	-14.52	-31.02	-60.39	-21.55
Dividend Per Share, 2 Yr. CAGR %	-	-	27.92	26.49	11.8
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	26.42	16.76	16.65	31.15	48.97
Gross Profit, 3 Yr. CAGR %	26.64	11.36	8.65	7.93	21.39
EBITDA, 3 Yr. CAGR %	59.32	10.63	-2.62	-10.19	16.77
EBITA, 3 Yr. CAGR %	67.19	9.38	-5.44	-12.4	16.1
EBIT, 3 Yr. CAGR %	67.75	9.57	-5.32	-12.35	16.1
Earnings From Cont. Operations, 3 Yr. CAGR %	17.1	14.59	-5.75	38.85	90.85
Net Income, 3 Yr. CAGR %	32.5	12.82	-0.74	33.66	98.81
Normalized Net Income, 3 Yr. CAGR %	52.19	21.41	8.18	32.19	88.07
Diluted EPS Before Extra, 3 Yr. CAGR %	53.62	12.59	-1.48	34.4	99.04
Net Property, Plant and Equip., 3 Yr. CAGR %	24.64	25	15.42	14.64	8.59
Accounts Receivable, 3 Yr. CAGR %	58.79	21.67	19.46	-2.96	2.88
Total Assets, 3 Yr. CAGR %	14.25	12.15	4.8	14.33	22.99
Common Equity, 3 Yr. CAGR %	18.56	12.89	4.7	2.68	16.14
Tangible Book Value, 3 Yr. CAGR %	21.55	15.38	6.43	2.12	15.84
Cash From Operations, 3 Yr. CAGR %	17.38	101.59	-50.52	74.69	69.13
Capital Expenditures, 3 Yr. CAGR %	41.66	17.74	26.29	10.72	16.1
Levered Free Cash Flow, 3 Yr. CAGR %	-29.52	17.09	-36.47	-29.71	24.66
Unlevered Free Cash Flow, 3 Yr. CAGR %	-26.4	25.57	-34.3	-20.98	24.6
Dividend Per Share, 3 Yr. CAGR %	46.48	-	-	22.05	21.64
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	23.37	19.08	21.73	26.81	33.05
Gross Profit, 5 Yr. CAGR %	19.8	10.59	15.52	11.44	16.22
EBITDA, 5 Yr. CAGR %	32.37	6.32	18.47	4.77	10.57
EBITA, 5 Yr. CAGR %	37.12	6.21	19.32	3.4	9.41
EBIT, 5 Yr. CAGR %	37.41	6.32	19.59	3.51	9.5
Earnings From Cont. Operations, 5 Yr. CAGR %	20.91	7.23	-1.87	37.16	54.94
Net Income, 5 Yr. CAGR %	30.42	8.92	6.01	39.11	55.81
Normalized Net Income, 5 Yr. CAGR %	79.88	16.88	17.99	46.6	51.6
Diluted EPS Before Extra, 5 Yr. CAGR %	42.3	8.79	5.68	39.08	55.53
Net Property, Plant and Equip., 5 Yr. CAGR %	10.88	16	18.35	22.15	12.79
Accounts Receivable, 5 Yr. CAGR %	67.6	56.84	33.36	9.69	8.15
Total Assets, 5 Yr. CAGR %	14.16	13.62	9.8	13.85	15.97
Common Equity, 5 Yr. CAGR %	14.19	11.55	7.41	11.95	13.28
Tangible Book Value, 5 Yr. CAGR %	16.37	13.55	8.9	13.13	14.27
Cash From Operations, 5 Yr. CAGR %	-3.78	45.42	-20.9	63.09	52.72
Capital Expenditures, 5 Yr. CAGR %	16.49	37.68	25.55	18.55	23.11
Levered Free Cash Flow, 5 Yr. CAGR %	5.32	16.46	-26.17	-16.04	30.21
Unlevered Free Cash Flow, 5 Yr. CAGR %	5.94	14.66	-24.48	-4.44	29.39
Dividend Per Share, 5 Yr. CAGR %	30.42	33.8	38.75	-	-