Mutual benefit guarantee increases profit by 214% to N3.6 billion

President of the Mutual Benefit Guarantee, Akin Ogunbiy

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Goddy Egene

The underwriting company Mutual Benefits Assurance Group Plc recorded a 214% increase in profit after tax (PAT) in the year ended December 31, 2019. Details of the audited results showed that the gross premium issued increased 18% over the N15. 841 billion in 2018 to N18.697 billion in 2019. Gross premium income grew 16%, to N18.122 billion compared to N15.635 billion in 2018. Net premium income was N15.772 billion, indicating a 13 percent growth. percent of N13.962 billion.

The company ended 2019 with a subscription profit of N5.354 billion, an increase of 77% over N3.059 billion, while pre-tax profit was N3.754 billion, up from N1.381 billion in 2018. PAT grew rapidly by 214 percent to N3.612 billion compared to N1.149 billion.

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Mutual Benefit Assurance President Akin Ogunbiyi recently assured his clients and partners that he would meet the sector's recapitalization requirements for his life and business in general.

According to him, the group managed to recapitalize its subsidiaries: Mutual Benefits Niger; Mutual Benefits Liberia, the Mutual Benefit Microfinance Bank and believes that Mutual Life and General Insurance benefits will not be left out.

Speaking about the company's five-year strategic plan established in 2017, he said it was reached for more than 60%, explaining, however, that the recapitalization process delayed the plan, but ensured that the strategic plan will start at the end of the year. . recapitalization process.

He said the company has pledged to request payment of claims to the insured, noting that the company will continue to grow both its revenue and results.

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