Mutual Benefit Grows Profit by 92%, Declares Dividend

Ebere Nwoji

Mutual Benefit Assurance plc, has said it recorded strong financial performance in its business outing in 2024 growing its profit before tax by 92 percent from N6.28billion in 2023 to N12.23billion in 2024.

The company also said it increased the quantum of claims paid to its insured by 53 percent from N18.99billion in 2023 to N29.084 billion in 2024.

Mutual Benefit Assurance Chairman, Dr Akin Ogunbiyi, who stated these at the 28th and 29th Annual General Meeting of the company held in Lagos said despite the challenges in the economic landscape of our country, Mutual Benefit had demonstrated remarkable resilience and agility, achieving significant growth across key performance indicators.

This, according to Ogunbiyi, underscores the company’s commitment to delivering value for its shareholders.

He said, “The 2024 financial year saw strong performance across several fronts. Our insurance revenue rose to N66.92 billion, a 68 percent increase from N39.92in 2023”.

According to him, this growth reflects the expanding market share of the company and effective client expanding market share which underscores the trust the clients place in the company to deliver reliable, tailored insurance solution.

“We also demonstrate our commitment to fulfilling our obligation to our policy holders settling claims amounting to N29.08 billion, a 53 percent increase on N18.99 billion settled in 2023,”he stated.

He noted that the Nigerian economy presented both opportunities and challenges during the year but that despite this, the company leveraged its expertise and adopted adaptive strategies to manage the impact of macroeconomic shifts on its business.

He said in anticipation of regulatory changes, Mutual Benefits Assurance has put in place a plan to meet the new capital requirement by the regulator.

“If we need to invite our esteemed shareholders to support this important plan towards long term sustainability and regulatory compliance, I urge you to respond positively to our call”, he stated.