BY NKECHI NAECHE-ESEZOBOR—Mutual Benefits Assurance Plc, said it paid a total of N35.3 billion in claims to policyholders from January to September 2025.
According to statement released by the company, the claims were paid across its subsidiary, Mutual Benefits Life Assurance Ltd., providing financial relief to individuals, families, and businesses at critical moments.
The breakdown shows that non -Life business paid total claims of N18.56 billion, while the Life subsidiary settled claims totaling N16.79 billion, covering both insurance protection and investment-related obligations.
Responding, Femi Asenuga, Managing Director/CEO of Mutual Benefits Assurance Plc, said the performance reflects a deliberate focus on standing by customers, regardless of the wider economic climate.
He revealed that the total claims paid is higher than the claims paid in any single year in the company’s history. “When people buy insurance, what they are really buying is confidence that someone will show up when things go wrong. Paying N35.3 billion in claims is our way of showing that we take that responsibility seriously,” he said.
Across the non-life business, claims paid by the company, reflected the everyday realities and risks faced by policyholders across the country.
He said Aviation-related incidents led to claims payments of N2.24 billion, while Engineering claims linked to ongoing construction and infrastructure projects stood at N1.23 billion.
Fire losses accounted for N2.30 billion, with General Accident claims amounting to N2.60 billion while Marine claims of N1.34 billion supported trade and logistics activities.
Motor claims stood at N3.79 billion which have helped individuals and businesses manage accident-related losses at a time when vehicle repair and replacement costs have risen sharply.
The company also paid Oil and Gas claims of N5.02 billion, Bond claims of N2.46 million, and Agriculture-related claims of N712,500, reinforcing support for key sectors of the economy.
While the life insurance side, the claims paid highlighted the deeply personal role of insurance. Group and Credit Life claims amounting to N5.41 billion ensured that employers, lenders, and dependantswere protected from sudden financial loss.
Individual death claims of N907 million were paid to families at moments of grief, while annuity payments rose to N31 million continued to provide reliable income for retirees.
In addition, the life business honoured its investment commitments to customers, paying N7.08 billion in maturity claims, alongside surrender claims of N2.93 billion and partial withdrawal payments of N413 million.
Speaking on the Life business, Biyi Ashiru-Mobolaji, Managing Director/CEO, said the figures reflect more than just numbers. “Every claim represents a promise kept. Whether it is a family receiving support after a loss or a customer accessing their long-term savings, our focus is on being present and dependable when our policyholders need us the most,” he said.
The claims paid reinforces the company’s position as a trusted insurer at a time when confidence matters more than ever. As the company moves into the final days of the year, it says it remains committed to prompt claims settlement and to supporting the resilience of individuals, businesses, and communities across Nigeria.
About Mutual Benefits Assurance PLC
Mutual Benefits, a leading brand in the Nigerian insurance sector, continues to set the standard for dependable protection for individuals and businesses. Known for its wide range of insurance solutions, the company combines reliability with a commitment to customer trust and prompt claims settlement.
Across the nation, policyholders continue to share their experiences, praising Mutual Benefits for the speed and efficiency with which their claims have been handled.
These testimonials reflect the company’s dedication to being more than just an insurer, but a true partner in safeguarding lives, livelihoods, and businesses when it matters most.
