L-R: Managing Director/CEO, Mutual Benefits Life Assurance Ltd., Biyi Ashiru-Mobolaji; Managing Director/CEO, Mutual Benefits Assurance Plc, Olufemi Asenuga; Non-Executive Director, Adesoye Olatunji; Company Secretary, Jide Ibitayo and Executive Director (Technical), Mutual Benefits Assurance Plc, Joseph Oladokun, at the 30th Annual General Meeting of Mutual Benefits Assurance Plc, held on Thursday, 6 August 2026, in Lagos.
BY NKECHI NAECHE-ESEZOBOR—Board of Directors of Mutual Benefits Assurance Plc has declared a dividend payout of N803 million for its shareholders at its 30th Annual General Meeting (AGM).
Addressing shareholders, the Chairman of the company, Dr. Akin Ogunbiyi, who was represented by Mr. Adesoye Olatunji, a member of the Board expressed appreciation for shareholders continued trust, loyalty and active participation in the affairs of the company.
He noted that the successful conclusion of the 30th AGM reflects Mutual Benefits’ enduring commitment to sound corporate governance, regulatory compliance and sustainable value creation.
He commended the Board, Management and employees for their dedication and contributions to the company’s continued growth and assured shareholders that Mutual Benefits remains focused on delivering long-term value, while strengthening its market position in an evolving insurance landscape.
On financial performance he said the company was able to grow its Gross Premium Written by 17 percent from ₦72.26 billion in 2024 to ₦84.60 billion in 2025.
Insurance Revenue also appreciated to ₦80.05 billion as against ₦66.92 billion in the previous year, representing 20 percent increase.
Profit Before Tax also was not left out as it rose significantly by 47% from ₦12.04 billion to ₦17.75 billion.
Profit After Tax: Increased by 45% to ₦16.42 billion from ₦11.32 billion in 2024 while it’s total Assets: Grew to ₦176.25 billion from ₦147.13 billion.
Shareholders’ Fund went up by 29% to ₦65.00 billion, while Earnings Per Share: Improved from 54 kobo to 81 kobo.
The successful hosting of the company’s 30th AGM comes at a defining moment for Mutual Benefits following its successful completion of NAICOM’s recapitalisation exercise. With a stronger capital base, renewed regulatory standing and a clear strategic direction, Mutual Benefits is well positioned to deepen insurance penetration, drive innovation, enhance customer experience and create sustainable value for shareholders and other stakeholders.
As Mutual Benefits enters its next chapter, the company remains committed to building a stronger, more resilient institution that continues to protect lives, businesses and investments while contributing meaningfully to the growth of Nigeria’s insurance industry.
Guided by its brand promise of “Creating and Protecting Wealth,” the company is committed to delivering exceptional value through financial strength, innovation, excellent service and the highest standards of corporate governance.
