AXA Mansard’s first-quarter profit has taken a hit from a reduction in foreign exchange (FX) gains, as expenses are growing faster than revenue growth, according to BusinessDay analysis.
For the first three months through March 2025, AXA Mansard’s after-tax profit fell by 51.74 percent to N6.21 billion from N12.87 billion as of March 2024.
The decline in profit was attributed to a 74.63 percent decrease, resulting in a drop to N2.3 billion from N12.8 billion in the company’s FX gains during the period. This reduction in foreign exchange gains, which had previously been a major contributor to earnings during a period of instability for the Naira, played a significant role in this downturn.