Underwriter grows premium income by 47 per cent

MUTUAL Benefits Assurance Plc has announced that it grew its gross premium income by 47 per cent for the 2021 business year.

The underwriter attributed the performance to growth across all lines of business even as stakeholders believe that one of the ways to drive industry penetration is through increased financial capacity of the players.

The Chairman of Mutual Benefits Assurance, Dr. Akin Ogunbiyi, said this at the 26th yearly general meeting of the company held virtually.

He explained that the impressive performance of the company during the period was driven by a 52 per cent growth in gross premium written achieved by the company in its non- life insurance business.

“The group recorded an impressive 47 per cent growth in gross premium written ( GPW) from N20 billion in 2020 to N29.3 billion in 2021. The performance was largely driven by a 52 per cent growth in GPW in our nonlife insurance business, from N11.3 billion in 2020 to N17.3billion in 2021,” Ogunbiyi stated.