Mutual Benefits Assurance Plc, said it has grown its underwriting income by 27 per cent from N8.3 billion to N10.7 billion in 2016, despite the challenging economy and consumer apathy towards insurance.
The firm said it has also secured approval from the National Insurance Commission (NAICOM) for its audited financial statement for year under review.
A statement by the firm’s Head, Corporate Communication, Ellen Offo, stated that this was revealed in the company’s result released on the floor of the Nigerian Stock Exchange (NSE).
According to the statement, the feat was achieved through the organisation’s improved risk retention policy.
The group recorded underwriting profit (non-life and life) of N4.1 billion, which is one of the highest in the industry. This is a 16 per cent growth from the underwriting profit of N3.6 billion recorded in 2015.
In 2016, the group paid out claims amounting to N3.3 billion which is a 43 per cent increase from the N2.3 billion paid out in 2015. This development, the company’s management said is in line with its “firm commitment to honouring its obligations and delighting customers, while improving customer service excellence”.
In the year under review, the company’s investment income stood at N966 million, which represents a 13 per cent increase against N854 million in 2015.
Few months back, the organisation in conjunction with KPMG embarked on a strategic roadmap for the next 5 years; aimed at repositioning the company for future opportunities and challenges. The roadmap focused on 4 key areas of its business, namely: Deepen market penetration and customer acquisition; customer service delivery excellence, transform people and culture and drive operational effectiveness.
The organization is investing in technology and developing innovative customer-centric products that meet the needs of current and potential customers, while increasing its market share.
These efforts have begun to pay off, as it’s recently released first quarter 2017 financial results; revealed that the group made a profit after tax (PAT) of N660 million, a 108 per cent increase over the same period in 2016.