Insurance

Mutual Benefits Assurance posts N18.7bn gross written premium

From left:Executive Director, Operations, Mutual Benefits Assurance Plc, Biyi Ashiru-Mobolaji; Managing Director, Mutual Benefits Assurance Plc, Femi Asenuga and the Chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi at Mutual Benefits Assurance Plc’s Annual General Meeting held in Lagos.

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Chuks Udo Okonta

Mutual Benefits Assurance Plc recorded an 18 per cent growth in Gross Written Premium (GWP) from N15.8 billion in 2018 to N18.7 billion in 2019, its Chairman, Dr. Akin Ogunbiyi, has said.

He disclosed this at the firm’s annual general meeting in Lagos, adding that 2019 marked the third year of our Company’s 5-Year Strategic Plan; “Project One Reloaded” and the performance continues to grow as expected.

According to him, the performance was driven by a significant 41 per cent growth in its life business, from N6.1 billion in 2018 to N8.5 billion in 2019. “Our non-life business experienced a modest growth of 4 per cent from N9.8 billion in 2018 to N10.2 billion in 2019. Gross Premium Income likewise increased by 16 per cent to N18.1 billion from N15.6 billion in 2018. Conversely, a more robust underwriting process resulted in a 13% decline in net claims expense, from N7.0 billion in 2018 to N5.9 billion in 2019,” he said.

He posited that the decline in net claims benefits resulted in an increase in underwriting profits by 77 per cent from N3.1 billion in 2018 to N5.4 billion in 2019 and that a growth in top line performance coupled with disciplined cost culture as well as highly rewarding investment activities ensured the firm improved our profitability in 2019.

Ogunbiyi said the firm’s Profit Before Tax increased by 172 per cent from N1.4 billion in 2018 to N3.8 billion in 2019. Profit After Tax increased by an even larger percentage of 214 per cent from N1.1 billion in 2018 to N3.6 billion in 2019.

He noted that the Total Assets grew by 14 per cent from N59.4 billion in 2018 to N67.8 billion in 2019 and the Total Equity increased by a larger percentage of 60 per cent from N9.1 billion in 2018 to N14.5 billion in 2019.

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