Mutual Benefit Assurance Plc said it has grown its share capital from N5 million to N4 billion, while its assets have grown to N46 billion in its 21 years of existence as corporate insurance entity.
Managing Director, Mutual Benefit, Segun Omosehin disclosed this to insurance brokers at the Members’ Evening organised by the umbrella body of insurance brokers, the Nigerian Council of Registered Insurance Brokers ( NCRIB),recently in Lagos.
He said within the period the company has grown to become one of the leading brands in Nigerian insurance industry today.
“We commenced operation as a private company with a share capital of N5 million, but today, we are a publicly quoted company with considerable market share in Life assurance, General Insurance and Asset Management,” he stated.
According to Omosehin, currently, Mutual Benefit, has an authorised share capital of N5 billion, and a paid up share capital of N4 billion, total asset base is in excess of N46 billion and shareholders’ funds of over N7 billion.
With these, he said Mutual Benefit, has remained one of the few value adding underwriters in the insurance industry in Nigeria and within the West African sub-region with full fledged subsidiaries in Liberia and Niger Republic.
He said the company, has over these years, demonstrated its commitment to honouring its obligations by consistently improving its claims administration processes and procedures, adding that as at November 30, 2016,it has paid claims in excess of N1.5 billion in non-life business category and N1 billion in life category of business.
According to him, this is in addition to about N10.6 billion paid by the company as maturities/ surrender under its investment/deposit administration portfolio by the life arm of the company.
He spoke on the company’s commitment towards popularising insurance among Nigerians saying, “As an organisation, we are resolute in our determination to take insurance to the grass roots. This we have continually demonstrated by broadening our agency network. We shall be ready to partner any broker that has interest in the area of grassroots development of insurance.”
Speaking on the future prospect of the company, Omosehin said Mutual Benefit, a few months back, engaged KPMG to chart a new focus for its operations in the next five years.
He said this is aimed at repositioning the company for future opportunities and challenges and ultimately draw a new strategic roadmap for itself.
According to him, the roadmap will focus on four key areas of the company’s business namely deepening market penetration and customer acquisition, customer service delivery excellence, transformation and culture and driving of operational effectiveness.
He also said the company has planned to invest more in technology to be able to develop innovative customer -centric products that will meet the needs of its current and potential customers while increasing its market share.