Mutual Benefits Assurance Posts N14bn Underwritten Income

Mutual Benefits Assurance Plc posted an underwriting income of N13.9 billion for the year ended 31 December 2018, representing a 19 per cent increase from the N11.77 billion recorded in 2017.

Gross premium written also grew by 13 per cent from N14.03 billion in 2017 to N15.84 billion in the year under review, while net premium income rose by 18 per cent from N11.46 billion to N13.47 billion.

Profit before income tax stood at N1.381 billion, compared with N1.335 billion, while profit after income tax grew by 12 per cent from N1.02 billion to N1.149 billion.

Mutual Benefits Assurance Plc paid claims amounting to N3 billion in the period under review with motor claims accounting for the highest of N1.10billion. Fire followed with N664 million, while general accident recorded N330 million just as aviation risks attracted N441.90 million. Claims paid on other classes of business include engineering N166 million; oil and gas risks N108.90 million and marine N241.60million.

Commenting, Managing Director, Mutual Benefits Assurance Plc, Segun Omosehin, said: “The claims paid shows our commitment to meeting our obligations to our esteemed customers.”

According to him, the company has put in place systems and processes to ensure efficient claims service delivery.

“We are committed to prompt settlement of all genuine claims, as this aligns with our mission statement of “Transcending the expectations of our customers for the satisfaction of their wealth protection needs through the provision of qualitative insurance and risk management services thereby creating values for all stakeholders,” he added.

Speaking further, the Mutual Benefits Assurance boss said 2019 is the third year of our five year strategy plan, disclosing that remarkable progress has been made.

“Our information technology (IT) transformation will soon be completed which will take our service delivery level to greater heights with innovative customer centric solutions,” Omosehin said.

Meanwhile, the company said it remained committed to the principles and practices that promote good corporate governance.

“We recognise that sound corporate governance practices are necessary for effective management and control of the company. Prior to the introduction of the Code of Corporate Governance for Companies in Nigeria, we had already adopted a responsible attitude towards corporate governance and issues of Corporate Social Responsibility in Nigeria. The company conducts its business with integrity and pays due regard to the legitimate interest of all stakeholders,” it said.