Mutual Benefits Assurance bags N11.31b profit in 2024, pays N29.08b claims, declares dividends
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Chuks Udo Okonta
Mutual Benefits Assurance Plc said it recorded 92 per cent increase in profit which moved from N5.88 billion in 2023 to N11.31 billion in 2024.
The chairman Dr. Akin Ogunbiyi, said this today at the company’s 28th and 29th Annual General Meeting (AGM) in Lagos, adding that the firm’s insurance revenue rose to N66.92 billion, a 68 per cent from N39.92 billion in 2023.
He noted that the growth reflected the firm’s expanding market share and effective clients retention strategies, underscoring the trust its clients place in it to deliver reliable, tailored insurance solutions.
Dr. Ogunbiyi submitted that the company also demonstrated its commitment to fulfilling its obligations to policyholders by settling claims amounting to N29.08 billion, a 52 per cent increase on the N18.99 billion settled in 2023.
According to him, the Profit Before Tax (PBT) surged to N12.04 billion, an impressive 92 per cent increase from N6.28 in 2023, stressing that the growth was driven by prudent expense management, effective underwriting and strategic investment that yielded favourable returns in a volatile environment.
On dividend, he noted that a dividend of 2 kobo per share will be paid to shareholders, stating that the payment reflected that company’s continued commitment to rewarding shareholders’ confidence and participation, while also ensuring a prudent balance between current returns and future growth.
He expressed optimism that with strengthened capital and strategic execution, dividend payouts will grow in the years ahead, further enhancing shareholders value and helping sustain the firm’s market capitalisation.
The Managing Director/Chief Executive Officer Mutual Benefits Assurance Olufemi Asenuga, said the company’s priorities are clear, as it aimed to deepen its market presence, accelerate digital transformation and continue delivering customer-centric insurance services.
According to him, Mutual Benefits Assurance Plc is being positioned for sustainable profitability and long-term shareholders return.
