Mutual Benefits Assurance Plc has announced a profit after tax of N5.10 billion for the year ended December 31, 2020.
This represented an increase of 41 per cent from the previous year’s figure of N3.61billion.
The company during the period achieved a Gross Written Premium of N19.98 billion, showing seven per cent growth from the previous year’s figure of N18.69 billion. This was contained in the 2020 financial results of the company recently released on the floor of the Nigeria Exchange Limited (NGX)
The result showed that profit before tax stood at N5.04 billion, representing a 34 per cent increase from N3.75 billion in 2019.
The company also recorded a 74 per cent growth in shareholders’ fund which rose to N23.35 billion from the N13.43 billion of 2019. Also, total assets grew by 22 per cent from N67.78 billion in the previous year to N82.87 billion in the year under review. Insurance contract liabilities for the year under review stood at N17.57 billion, a 25 percent increase from the previous year’s figure of N14.10 billion. In addition, total claims paid by Mutual Benefits Assurance and its subsidiary; Mutual Benefits Life Assurance during the period under review stood at N19.37 billion representing an eight per cent decrease from the last year’s figure.
A breakdown of the claims profile for 2020 revealed that the Life business paid a total of N3.54 billion in Group Life claims, Maturity claims accounted for N7.76 billion while Credit Life claims was N140 million. Other claims paid by the company during the period included individual death claims, annuity claims, surrender claims and partial withdrawal claims at N213 million, N44 million, N3.65 billion and N870 million respectively.
