Financial Times ranks Mutual Benefits Assurance among Africa’s fastest growing companies in 2022


Mutual Benefits Assurance Plc has been listed among Africa’s fastest growing companies, in a ranking by Financial Times that accessed compound annual growth in revenues between 2017 and 2020.

As announced after completion of the ranking exercise, Mutual Benefits emerged 61st in Africa and 19th in Nigeria, according to FT.
75 companies across sectors made the list out of which 20 are Nigerian firms including Mutual Benefits Assurance Plc.

Mutual Benefits’ annual revenue (net) for 2017 and 2020 were submitted and the company qualified after meeting the criteria for inclusion with its compound annual growth rate (CAGR percent) at 13.314 percent and absolute growth rate at 45.498 percent, above minimum CAGR of 8.58 percent required for participation.

FT said, “The ranking was created through a complex procedure but does not claim to be complete because some companies do not want to make their figures public.”

Femi Asenuga, Managing Director/CEO, Mutual Benefits Assurance commenting on the rating said, “We are excited to be listed among Africa’s fastest growing companies for 2022, which underscores that we are part of institutions that are creating wealth and boosting the economy not only in Nigeria but across Africa.”

Asenuga said, the listing again encourages us to remain committed to our goal and contribution to the growth of the economy, while continuing to create value for all our stakeholders.

The inaugural FT annual ranking of Africa’s Fastest Growing Companies provides a snapshot of corporate landscape in a continent where technology, fintech and support-service businesses have had to adapt to a radically altered environment.

Mutual Benefits Assurance Plc (MUTUAL) has evolved into a conglomerate consisting of value-adding companies with diverse interests in various sectors of the Nigerian economy through investments, strategic alliances, and partnerships.

Today, MUTUAL is a leading brand in the Nigerian Insurance industry, with over 3,000 staff and marketing executives in its employment.

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