BY NKECHI NAECHE-ESEZOBOR—-Leading insurer, Mutual Benefits Assurance Plc has recorded impressive earnings for the fourth quarter and full year ended December 31, 2023.
A review of the results published on the Nigerian Exchange Group (NGX) on Friday, February 5, 2024, showed a positive performance across all financial indices, reaffirming the insurer’s position as one of the fastest growing and well-managed insurance institutions in Nigeria.
According to notice, for the full year, the group gross premium written grew by 33.1% to N44, 576 billion at the end of financial year ending 31, December, 2023 from N33,481 billion.
The group Gross Premium Income also rose from N33,115 billion in full year of 2022 to N40,261 billion in the year under review indicating 21.57 percent growth while underwriting profit stood at N8,209 billion in 2023 financial year.
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Operating profit for the insurer also witness am impressive growth of N5,813 billion in 2023 as against N3,486 billion reported in the previous year of 2022, this indicating 66.75% growth.
Profit before tax also went up by 62% to N6,191 billion when compared to N3,821 billion achieved in 2022 while Profit for the year grew by 66% to N5,217 billion as against N3,141 billion in 2022.
The insurer’s Investment income appreciated by 51.7% to stand at N3,553 billion against N2,341billion in 2022 while group total asset stood at N114,961 in 2023 as against N92,952 billion in 2023.
