In the first half of this year, Mutual Benefits Assurance grew its profits by 503 per cent. The company’s half year report which was released on the floor of the Nigerian Stock Exchange, NSE, revealed that profit rose in six months from N75 million to N450 million. Gross premium income also rose from N55 million to N958 million which translates to 73 per cent increase. Shareholders fund also tripled, moving from N2.05 billion to N6.1 billion, showing a 194 per cent growth.
Commenting on this result, Akin Ogunbiyi, managing director of the company, said that its shareholders are in for a good and exciting time.
Ogunbiyi said, “as a very strong, well-capitalized profitable and leader in the Nigerian insurance industry Mutual is (currently) driving insurance awareness through growth and innovation”. He noted that “today, Mutual, is a global player with strategic investment as well as technical support from the United States of America”. According to him, the company is poised to maintain its growths and would continue to focus more on the life and non-life aspect of the business. He claims that Mutual Benefits would grow its performance in the market place by tapping into emerging opportunities in the insurance industry.
He noted that despite the prevailing operating challenges and the pressure of recapitalization on the insurance sub-sector, the company has been able to maintain a steady growth trend.
“Although our core business remains insurance, we are very much involved in asset management such as real estates, money market, projects and assets financing and floating of venture capital funds,” he added.
