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AM Best Affirms Credit Ratings of AXA Mansard Insurance Plc

AM Best has 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 outlook of these Credit Ratings (ratings) is stable.

The 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. (France).

AXA Mansard’s balance sheet strength is underpinned by risk-adjusted capitalisation, which is expected to remain at least at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR). Capital consumption is primarily driven by asset risk, which incorporates the company’s substantial real estate investments. With its business concentrated domestically, AXA Mansard is exposed to the very high levels of economic, political and financial system risks in Nigeria. The balance sheet strength assessment also considers AXA Mansard’s high reinsurance dependence on large energy and property risks; however, this is partially mitigated by a reinsurance panel of excellent credit quality.

AXA Mansard has a track record of robust, albeit volatile, non-life underwriting performance, demonstrated by a five-year (2018-2022) weighted average combined ratio of 97.4%. For the year-ended 2023, AXA Mansard reported solid unaudited results, evidenced by a return on equity (ROE) of 36.2%, comparing favourably against the five-year weighted average ROE of 10.3%. The improvement was driven by substantial foreign exchange gains relating to AXA Mansard’s U.S. dollar denominated investments amid the sharp devaluation of the Nigerian naira during 2023. Prospective performance is expected to be supported by actions taken to improve the profitability of the health portfolio, as well as positive contributions from the company’s life book.

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 further strengthen its competitive position over the coming years.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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

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


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