Mutual Benefits Assurance Pays N5.93bn Claims in One Month

Ebere Nwoji

Mutual Benefits Assurance said it has paid a total of N5.93 billion claims to policyholders in January 2026 alone. The company said this underlined its strong financial capacity and unwavering commitment to prompt claims settlement.

A breakdown of the figures shows that N3.42 billion was paid under General (Non-Life) Insurance portfolio, while N2.51 billion was paid across its Life businesses, including Group Life and Retail Life policies.

The underwriting firm said the significant pay out within a single month reinforces its reputation as a dependable insurer that honours its obligations swiftly and responsibly. Commenting on the development, Managing Director, Mutual Benefits Assurance Plc, Olufemi Asenuga, stated that claims settlement remained the core promise of insurance and the ultimate test of an insurer’s credibility.

“Insurance is built on trust. Our ability to settle over ₦5.9 billion in claims in one month demonstrates not only our financial strength, but also our deep commitment to our policyholders. “At Mutual Benefits, we do not just sell policies. We stand by our promises,” he said.

According to Asenuga, with over three decades of operations, Mutual Benefits has consistently positioned itself as a strong and well-capitalised insurer. The company operates both Life and General Insurance businesses and remains fully compliant with regulatory capital requirements as stipulated by the National Insurance Commission (NAICOM). 

Asenuga said the January pay out reflects Mutual Benefit’s robust underwriting standards, prudent risk management practices and efficient claims administration framework. 

He further said it also aligns with the company’s broader record of substantial claims settlement in recent years, reinforcing its standing as a trusted brand in the Nigerian insurance industry.

“Mutual Benefits employs over 5,000 staff, managed by seasoned management team and an experienced Board of Directors”.