President Obama took the reins for a hilarious segment on healthcare. Source: Supplied

The audience loved every minute, roaring with laughter throughout his performance on the satirical politics show.

The President presented The Colbert Report’s recurring segment The Word, in which the host rants to camera as sarcastic words appear onscreen.

The US leader materialised on the set just as a snarky Colbert declared: “A politician could never do my job.”

Pushing him out of the way, Mr Obama takes his seat and riffs on Obamacare, rebranding the segment The Decree.

“Nation as you know, I, Stephen Colbert, have never cared for our president,” he deadpans.

“The guy is so arrogant I bet he talks about himself in the third person.”

A note pops up on the screen: “In between long pauses”.

“There are things that people from both parties like about Obamacare,” he continues, as the words appear: “Everything but the ‘Obama’”.

As he details the popularity of his healthcare scheme, the onscreen text observes: “Half as popular as Grumpy Cat.”

The US leader joked that he’d “never cared for our President” in a witty performance on the satirical political show. Source: Getty Images

He jokes about the bumpy start to Obamacare: “Remember the original healthcare.gov website? I think that’s where Disney got its idea for Frozen.”

The President even allows producers to display a photo of his younger self as he says: “Everyone grows older at sometimes a faster rate than others.”

He winds up by observing that it’s hard to get the message out because young people don’t tend to watch “real news shows like this one.”

He adds: “They watch comedy shows, and I just don’t see the President going on one of those. They’re beneath his dignity.”

After his stunning performance, Colbert subjected him to a more traditional chat show experience, grilling him on government, immigration, the economy and his family.

But the public enjoyed his presenting skills the most, with his hijack trending on Twitter.

Users called the segment “fantastic” and agreed the President had “nailed it”, whether they liked his politics or not.

The episode was even labelled “the Greatest Colbert Report ever”.

It is a fittingly grand exit for Colbert, who will present the final edition of the show on December 18, before heading to CBS to become host of the Late Show.

Presenter Stephen Colbert appeared nonplussed to have been replaced. Source: Supplied