Mutual Benefit Assurance Grows Profit by 214% to N3.6 Billion
Underwriting firm, Mutual Benefits Assurance Group Plc, has recorded an increase of 214 per cent in profit after tax (PAT) for the year ended December 31, 2019. Details of the audited results showed that gross premium written rose 18 per cent from N15.841 billion in 2018 to N18.697 billion in 2019. Gross premium income grew by 16 per cent to N18.122 billion compared with N15.635 billion in 2018. Net premium income stood at N15.772 billion, indicating a growth of 13 per cent from N13.962 billion.
The company ended 2019 with underwriting profit of N5.354 billion, up by 77 per cent from N3.059 billion, while profit before tax stood at N3.754 billion, up from N1.381 billion in 2018. PAT grew fast by 214 per cent to N3.612 billion compared with N1.149 billion.
The Chairman of Mutual Benefit Assurance, Akin Ogunbiyi, recently assured its customers and partners that it would meet the industry recapitalisation requirement for its life and general business.
According to him, the group has been able to recapitalise its subsidiaries: Mutual Benefits Niger; Mutual Benefits Liberia, Mutual Benefits Microfinance Bank and believe that Mutual Benefits Life and General Insurance will not be left out.
Speaking on the company’s five years strategic plan set in 2017, he said it been achieved to over 60 per cent, explaining, however, that the recapitalisation process has slowed the plan, but however assured that the strategic plan will commence at the end of the recapitalisation process.
He said the company was committed to prompt claims payment to policyholder, noting that the company would continue to grow both its top line and bottom-lines.