Mutual Benefits Assurance Plc has delivered good news to investors, announcing a 92% jump in profit to N11.32 billion for 2024 – up from N5.89 billion the previous year. The insurance firm’s audited results, filed with the Nigerian Exchange (NGX), tell a story of smart financial moves paying off big.
The numbers show how the company turned things around. Investment income skyrocketed 163% to N15.74 billion, proving their money managers knew what they were doing. Even better? A N2.3 billion reinsurance gain erased 2023’s painful N2.28 billion loss in that same category.
These wins came despite costs climbing sharply – insurance service expenses more than doubled to N68.14 billion. But with net insurance and investment results up 67% to N15.36 billion, and total comprehensive income leaping 124% to N24.78 billion, Mutual Benefits clearly found ways to make the math work.
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The growth wasn’t just on paper. Total assets grew 33% to N147.13 billion, while shareholders’ funds ballooned 82% to N50.27 billion – a clear sign investors are buying what the company’s selling. Earnings per share nearly doubled to 54 kobo from 29 kobo. The good news started early too, with gross premiums written jumping 77% to N39.3 billion in just the first half of 2024.
Policyholders got their share of the success story – the company paid out N34.54 billion in claims last year. That included N12.24 billion for General Insurance (covering everything from oil rigs to car crashes) and N22.30 billion for Life Insurance payouts.
The strong performance comes after a rocky patch. The NGX had suspended trading of Mutual Benefits shares last July for missing financial filing deadlines, but lifted the ban this March when paperwork got sorted. Investors responded by sending shares soaring 31%. Now, with NAICOM’s recapitalization plans looming in 2025, company brass say they’re ready to play by whatever new rules come their way.
