BY NKECHI NAECHE-ESEZOBOR–Mutual Benefits Assurance Plc on Thursday announced a growth of 7% in its gross premium written for the full year ended 31, December 2020.
The Chairman of the Company, Dr. Akin Ogunbiyi disclosed this at the company’s 25th Annual General Meeting held virtualky in Lagos that despite the headwinds posed by the COVID-19 pandemic, the group gross premium
written (GPW) from N18.70billion in 2019 to N19.98bn in 2020.
He said the performance was largely driven by a 12% growth in GPW in our nonlife insurance business, from N10.17billion in 2019 to N11.35billion in 2020.
Ogunbiyi noted that the group also recorded a 5% increase in net premium income from N15.29billion in 2019 to N16.08billion in 2020.
Conversely, an adverse claims experience resulted in a 32% decline in underwriting profit, from N5.40billion in 2019 to N3.68bn in 2020.
He noted that the drop in underwriting profit was offset by impressive investing activities and improved cost controls, leading to a 34% rise in Profit before Tax.
This, in addition to the capital injection of N4.80billion led to the 22% increase in the Ttotal assets from N67.78billion in 2019 to
N82.87billion in 2020 and the 70% rise in total equity from N14.53billion in 20419 to N24.69billion in 2020.
Going forward in 2021 , he said “while the new year does not necessarily provide signicant relief from the effects of the pandemic, it presents another opportunity to consolidate on the tremendous feats made towards becoming the one-stop shop for provision of nancial services solutions in all our countries of operations.
” Even as the business environment remains challenging due to economic uncertainty, our diversied business model, strong capital position and highly qualied and committed
employees, provide the solid base for protable and resilient growth.”
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