Mutual Benefits Assurance Plc, Nigeria!s retail leader, on Thursday said it paid a total N29.08 billion as claims to policyholders at the end of the financial year needed 31st, December, 2024.
The insurer disclosed this today during its 28th and 29th Annual General Meeting (AGM) in Lagos, that the payment paid to policymakers increased by 52 per cent as against N18.99 billion paid in 2023.
Speaking at the event, Dr. Akin Ogunbiyi, chairman of the of the company, noted that Profit Before Tax (PBT) appreciated to N12.04 billion, an impressive 92 per cent increase from N6.28 in 2023, This he said was driven by prudent expense management, effective underwriting and strategic investment that yielded favourable returns in a volatile environment.
The company’s also achieved 92 per cent increase in profit which moved from N5.88 billion in 2023 to N11.31 billion in 2024.
Insurance revenue rose to N66.92 billion, a 68 per cent from N39.92 billion in 2023, the the growth according to him reflected the firm’s expanding market share and effective clients retention strategies, underscoring the trust its clients place in it to deliver reliable, tailored insurance
This he said was driven by prudent expense management, effective underwriting and strategic investment that yielded favourable returns in a volatile environment.
Following’s impressive result, the board declared a dividend of 2 kobo per share to shareholders.
He said stating the payment reflected that company’s continued commitment to rewarding shareholders’ confidence and participation, while also ensuring a prudent balance between current returns and future growth.
He expressed optimism that with strengthened capital and strategic execution, dividend payouts will grow in the years ahead, further enhancing shareholders value and helping sustain the firm’s market capitalisation.
The Managing Director/Chief Executive Officer Mutual Benefits Assurance Olufemi Asenuga, said the company’s priorities are clear, as it aimed to deepen its market presence, accelerate digital transformation and continue delivering customer-centric insurance services.
