Mutual Benefits Assurance Plc, one of the preferred insurance firms in Nigeria has released its audited financial accounts for the year ended December 2017.
The result which was released on the floor of the Nigerian Stock Exchange (NSE) revealed that profit after tax appreciated by 176 percent to N1.02 billion in the 2017 financial year from a loss position of N1.35 billion in 2016.
Gross premium written also appreciated by 16 percent from N12.14 billion in 2016 to N14.03 billion while underwriting income also grew by 10percent to N11.78 billion in 2017 versus the 2016 figure of N10.70 billion.
Commenting on the results the Chairman, Dr. Akin Ogunbiyi stated that, “Despite the tough business environment we have been able to bounce back to profitability and delight our shareholders. Dividend of 2 kobo per share will be paid to our esteemed shareholders who have stood by us over the years”
The result which has been approved by the insurance regulator National Insurance Commission (NAICOM) also revealed that the net claims paid by the Group in 2017 stood at N5.15 billion from N3.35 billion in 2016, resulting in a 54 percent increase from the previous year.
On claims payment paid in the year ending December 2017, the Managing Director; Mr. Segun Omosehin said “This is an attestation of our firm resolve to consistently honour our obligations to our esteemed customers while improving our claims administration processes and procedures.”
Meanwhile, the recently released 2018 first quarter financial results were also impressive compared to the same period last year.
The company’s gross premium written rose by 27 percent to N4.75billion from N3.75 billion during the first quarter of 2017.
Net premium income went up from N3.71 billion in the first quarter of 2017 to N3.87 billion in the first quarter of 2018; indicating an increase of 4.22 percent.
Underwriting income also grew by 5.50 percent from N3.81 billion to N4.01 billion in the same period. While profit after tax for the quarter stood at N672 million from N655 million; representing a 2.60 percent growth.
Mutual Benefits in the last year embarked a Strategic Roadmap (Project One Reloaded) geared at repositioning the Company to lead the insurance industry in growth, profitability, operational efficiencies and innovation come 2021.