BY NKECHI NAECHE-ESEZOBOR— Mutual Benefits Assurance Plc , has posted strong profit, with balance sheet strength and underwriting focus putting it in a position to weather macroeconomic headwinds.
The insurer returned to profit with profit for the year increasing by 158% to N3.1 billion from a loss position of N5.4 billion recorded in the previous year of 2021.
According to notice released to Nigerian Exchange Group and the investing public, the group was also able to grow it’s profit before tax by 168% to N3.8 billion from a loss position of N5.5 billion recorded in 2021.
For the year ended December 2022 Mutual Benefit’s posted a gross premium income spiked by 27 percent to N33,115billion for the year ended 31, December 2022 from N26.128 billion in 2021.
While gross premium written rose by 14 percent from N29, 299billion in the previous year of 2021 to N33,451 billion in the year under review.
Underwriting profit was not left as it rose to N8,373 billion in 2022 when compared to N4,448 billion recorded in 2021; this indicating 88 percent growth.
Total asset grew by 11% from N93 billion as a against N83,780 billion achieved in 2021.
Mutual Benefits Assurance Plc is a Nigeria-based company that offers life and general insurance classes.
With Shareholders fund in excess of N21.3 billion, the company has continued to drive insurance penetration through its retail insurance business