Mutual Benefit Grows Underwriting Income, Posts N4.1bn Profit

Mutual Benefits Assurance Plc, said that it grew its underwriting income by 27per cent from N8.3 billion in 2015, to N10.7 billion for the year ended December 31, 2016.

The company, in its audited financial statement recently released on the floor of the Nigerian Stock Exchange (NSE), said its underwriting Profit (non-life and life) grew by 16 percent to N4.1 billion, from N3.6 billion in 2015, which according to it, was one of the highest in the industry.

The result also showed that the Mutual Benefit Group, paid out claims amounting to N3.3 billion, which shows 43 percent increase from the N2.3 billion paid out in 2015.

This development, the company’s Chairman, Akin Ogunbiyi, said was in line with the Mutual Benefit’s commitment to honouring its obligations and delighting its customers, while improving customer service excellence .

He said that despite the challenging economy and consumer apathy towards insurance, the result was achieved through its improved risk retention policy.

Other contents of the audited financial statement showed that in the year under review, the company’s investment income, stood at N966 million, representing 13 percent increase against N854 million recorded in 2015 .

Speaking on future growth plan of the company, the Head Corporate Communications of Mutual Benefit, Ellen Offo, said a few months back, Mutual Benefit Assurance, in conjunction with KPMG, embarked on a strategic five year roadmap for the company aimed at repositioning it for future opportunities and challenges. She said the plan focussed on four key areas of the company’s business, namely deepening Market penetration and customer acquisition; achieving customer service delivery excellence; transforming people and culture as well as driving operational effectiveness.