Mutual Benefits Assurance PLc, one of the best customer’s relation and stable Insurance firm in Nigeria has declared a Profit after income tax of N361billion in the year ended 2019, a 214 percent increase from N1.15billion recorded in 2018.
The firm said it’s gross premium rose rapidly from N15.84billion in 2018 to N18.71bilion in 2019.
Net premium income stood at N15.29billion, representating a 13 percent increase from N13.48billion in 2018.
Mutual Assurance also recorded astronomical increase in underwriting profit of 77 percent, which rose to N5.4billion from N3.1billion recorded in 2018 and a 13 percent increase in net underwriting income from N13.96billion in the previous year to N15.77billion in the year under review.
Shareholders funds for the year under review stood at N13.43billon, an appreciable increase from the previous year’s N8.94billion, while total assets grew from N59.4billion in 2018 to N678billion in 2019.
The Company and it’s subsidiary, Mutual Benefits Life Assurance, however, paid combined claims of N21billion in 2019, adding that The General Business paid N3.2billion, while Life Business paid N17.5billion.
Speaking about the superlative performance of Mutual Benefits Assurance within the year under review, Its Managing Director, Femi Asenuga stated: “A twin approach of increased revenue drive and more robust underwriting process in 2019 ensured an impressive 77 percent increase in underwriting profit from N3.1billion in 2018 to N5.4billion in 2019.
On the Company’s five year strategic plan tagged Project One Reloaded, Asenuga said they had made giantstrides towards delivery more innovative and cutting edge solutions to our teeming customers with the launch of an attractive user friendly website with e-commerce capabilities and a mobile application.