…As GPW Hits N40bn FY2024
BY NKECHI NAECHE- ESEZOBOR— Mutual Benefits Assurance plc, one of the leaders in retail insurance distribution in the country, is set to be the biggest insurance Company in Nigeria.
Dr. Akin Ogunbiyi, Group Chairman of the company disclosed this to journalist during the company’s 29th Thanksgiving service held today in Ikeja, Lagos.
According to him two years from now, with our strategic investment in an oil assets which has gone into production, Mutual Benefits Assurance Plc will be the biggest insurance company in industry.
He added that apart from the substantial investment, the the company is equally the financer of the assets.
On how this was achieved he said from the little effort we have been doing, we had to look for a commensurate long time investment we can do with our life fund, with the permission of the National Insurance Commission, that was what we invested in the oil assets.
He said “We are optimistic that we will keep growing and with the impact this assets will have on our balance sheet the blue sky will not limit us”.
On the performance of the company in 2024, the Managing Director/CEO, Mutual Benefits Assurance Plc, Femi Asenuga, noted that despite the harsh economic situation in 2024, the company was able to grow its gross premium written to N40 billion when compared to N23 billion reported in the previous year of 2023.
According to him 2024 was very challenging particularly, with the economy and the galloping inflation recorded in the country which had a direct impact on the disposable income of business and individual which directly affected business generally. .But despite this we still came out strong with a GWP of over N40 billion compare to N23 billion in 2023.
On 2025 outlook he said “we are well prepare for the year and we are set to take all the opportunities and benefits that comes with the year.
” The budget for this year is huge and we plan reap all the benefits and gains that comes with the budget.”
