Insurance World

Mutual Benefits Life Pays N19.77 Billion Claims In 2018

Femi Asenuga, MD Mutual Benefits Life

BY NKECHI NAECHE—Mutual Benefits Life Assurance Limited, the Life Insurance subsidiary of Mutual Benefits Assurance Plc on Wednesdsy said it paid claims amounting to N19.77 billion in 2018.

Analysis of the claims paid during the period shows that clients’ maturity benefits accounted for N9.50 billion; while surrender benefits was N6.05 billion and Annuity benefits was N45.62 million.

Disclosing this to insurance journalists today, the insurer said it also paid N4.19 billion death benefits to the estates of various deceased insured, both on investment linked individual life policies as well as pure life policies.

The 2018 claims represents 23.48% increase in the claims paid in 2017; where the company paid a total of N16.01 billion in claims settlement.

Speaking on the claims paid, Managing Director, Mutual Benefits Life Assurance Limited, Femi Asenuga said that “as huge as our 2018 claims were, we fulfilled our obligations to our insured as a matter of responsibility, commitment to delighting our customers and surpassing their expectations.

Highlighting the 2019 outlook for the organization, Asenuga further said that “we are in the third year of our five year strategy plan. We are consolidating on the modest achievements recorded in the first and second years, by commencing our IT transformation blueprint which will eliminate slack time in our processing and enable us to focus more on delighting our customers”.

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