AM Best affirms the credit ratings of AXA Mansard Insurance Plc
AM Best affirms the credit ratings of AXA Mansard Insurance Plc

LONDON, March 22, 2024—(BUSINESS WIRE)–AM Best affirmed the B+ (Good) Financial Strength Rating and the ‘bbb-‘ (Good) Long-Term Issuer Credit Rating of AXA Mansard Insurance Plc (AXA Mansard) (Nigeria). The outlook for these credit ratings (ratings) is stable.

The ratings reflect the strength of AXA Mansard’s balance sheet, which AM Best rates as strong, as well as its adequate operating results, limited business profile and appropriate corporate risk management. The ratings also reflect a rating upgrade, in the form of an increase, from AXA Mansard’s ultimate parent, AXA SA (France).

AXA Mansard’s balance sheet strength is supported by risk-adjusted capitalization, which is expected to remain at least at a very strong level as measured by Best’s capital adequacy ratio (BCAR). Capital consumption is primarily determined by asset risk, which includes the company’s significant investments in real estate. With its concentrated business in the country, AXA Mansard is exposed to very high levels of economic, political and financial systemic risks in Nigeria. The balance sheet strength assessment also takes into account AXA Mansard’s high reinsurance exposure to large energy and property risks; however, this is partially mitigated by a reinsurance panel with excellent credit quality.

AXA Mansard has a track record of stable, albeit volatile, performance in non-life insurance, demonstrated by a five-year (2018-2022) weighted average combined ratio of 97.4%. For the year-end 2023, AXA Mansard reported solid unaudited results, evidenced by a return on equity (ROE) of 36.2%, compared to a five-year weighted average ROE of 10.3%. The improvement was driven by significant foreign exchange gains related to AXA Mansard’s US dollar-denominated investments amid a sharp depreciation of the Nigerian naira in 2023. Future performance is expected to be supported by actions taken to improve the profitability of the healthcare portfolio , as well as a positive contribution from the company’s book of life.

AXA Mansard is a combined insurer that writes a diversified business that is centered in Nigeria. The company has a solid position in its domestic market, where it ranks among the largest companies in non-life insurance and enjoys a leading market position in the health segment. With good long-term growth prospects, AXA Mansard is expected to further strengthen its competitive position in the coming years.

This press release refers to the credit ratings that are published on the AM Best website. For all rating information relating to the release and relevant disclosures, including details of the agency responsible for issuing each of the individual ratings set out in this release, please see AM Best’s Recent assessment activity Web page. For additional information on the use and limitations of credit score opinions, please see Guide to Best Credit Ratings. For information on the proper use of Best’s credit ratings, Best’s performance ratings, Best’s preliminary credit ratings, and AM Best’s press releases, see A guide to the proper use of Best’s ratings and reviews.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing 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

Copyright © 2024 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Dale Kirby
A financial analyst
+44 20 7397 0276
[email protected]

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
[email protected]

Tim Prince
Director, Analytics
+44 20 7397 0320
[email protected]

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
[email protected]

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