Mr. Chamberlain Oyibo, Chairman, Mutual Benefits Assurance Plc
Mutual Benefits Assurance Plc has announced a gross income of N5.471 billion for the year ended December 31, 2011, indicating a 62 per cent increase over N3.368 billion recorded in the corresponding period of 2010.
Chairman of the company, Mr. Chamberlain Oyibo, who made this known while addressing shareholders at the company's Annual General Meeting (AGM) held in Lagos, said its profit before tax increased by three per cent from N892.293 million to N916.996 million.
According to him, “As it is our mission statement to transcend the expectations of our stakeholders, your great company has performed fairly well against all odds during the year. It is with pleasure I announce to you that the business recorded a great increase in the year 2011 with gross premium income rising by 62 per cent from N3.368 billion to N5.471 billion, while the profit before tax increased by three per cent from N892.293 million to N916.996 million in 2011.”
He added, “your company is still investing in the construction of the N3 billion Mutual Alpha Courts at Costain, Lagos. The project has reached about 75 per cent completion and it is indeed delightful to inform you that all the 60 units have been sold. Investment in the Oil Marginal field is almost at its completion stage, while other investments are yielding returns in line with our projections.”