Mutual Benefit Pays N35.3 billion Claims 

Ebere Nwoji

Mutual Benefit Plc has announced that it paid a total of N35.3 billion claims in Q3 2025.

The  underwriting firm said Q3 figures represent cumulative claims paid from the beginning of the year through the end of the third quarter (January to September 2025).It further said the claims were paid across Mutual Benefits Assurance Plc and its subsidiary, Mutual Benefits Life Assurance Limited, thus providing financial relief to individuals, families, and businesses at critical moments.    

Speaking on the Life business, Managing Director/CEO, Mutual Benefit Life, Biyi Ashiru-Mobolaji, said the figures reflected more than just numbers. He added that during the period under review, the Non-Life business paid total claims of N18.56 billion, while the Life subsidiary settled claims totalling N16.79 billion, covering both insurance protection and investment-related obligations.

He said the claims were paid at a time when many households and businesses are under pressure, insisting that claims payment remained the clearest proof that insurance works.

Managing Director Mutual Benefits Assurance,  Femi Asenuga, said the Q3 claims performance reflected a deliberate focus on standing by customers, regardless of the wider economic climate. He revealed that the total claims paid  in Q3 2025 were higher than the claims paid in any single year in the company’s history. 

“When people buy insurance, what they are really buying is confidence that someone will show up when things go wrong. Paying N35.3 billion in claims by Q3 is our way of showing that we take that responsibility seriously,” he said.

According to him, across the Non-Life business, claims paid by Mutual Benefits Assurance  by the end of the third quarter reflected the everyday realities and risks faced by policyholders across the country. 

He said aviation-related incidents led to claims payments of N2.24 billion, while Engineering claims linked to ongoing construction and infrastructure projects stood at N1.23 billion. Fire losses accounted for N2.30 billion, with General Accident claims amounting to N2.60 billion. Marine claims of N1.34 billion supported trade and logistics activities, while Motor claims totalling N3.79 billion helped individuals and businesses manage accident-related losses at a time when vehicle repair and replacement costs have risen sharply. He said the  company also paid Oil and Gas claims of N5.02 billion, Bond claims of N2.46 million, and Agriculture-related claims of N712,500, reinforcing support for key sectors of the economy.