Pix caption: Chancellor of Obafemi Awolowo University, Ile-Ife, Osun State, Alhaji Yahaya Abubakar (right) presenting plaque of the honorary Doctor of Business Management award to the Group Chairman of Mutual Benefits Assurance Plc, Dr Akin Ogunbiyi on Saturday during the 48th convocation of the university while the vice-chancellor, Professor Adebayo Simeon Bamire watches.
By David Akinmola
Policyholders of Mutual Benefits Assurance Plc has received a total of N29.08 billion in claims in 2024, as the insurer strengthened its commitment to prompt claims settlement and customer’s protection.
The payout, which covers life general insurance claims, reflects a 52 per cent increase from N18.99 billion paid in 2023.
The disclosure was made at the company’s 28th and 29th yearly general meeting held in Lagos. The Chairman of the board, Dr. Akin Ogunbiyi, said the growth in claims settlement demonstrates the company’s strong capacity to honour obligations and provide financial security to its customers when it matters most.
Beyond fulfilling claims, the insurer reported impressive financial results for the year. Profit Before Tax (PBT) surged by 92 per cent to N12.04 billion, up from N6.28 billion in 2023, driven by disciplined underwriting, prudent cost management, and strategic investments. Profit after tax also climbed by 92 per cent to 11.31 billion, while insurance revenue rose 68 per cent to N66.92 billion from N39.92 billion in the prior year, signaling a wider market reach and improved customer retention.
To share in the strong performance, the board approved a dividend of 2 kobo per share, balancing investors returns with reinvestment for growth.
Ogunbiyi, expressed confidence that continued capital strengthening and strategic execution will support even higher payout in the future while maintaining service excellence for customers.
Also speaking, the Managing Director/Chief Executive Officer of the insurance company, Olufemi Asenuga, reiterated the organisation’s priorities for the coming year, deepening market presence, accelerating digital transformation, and delivering more customer-centric insurance solutions. “Our focus remains on making insurance simpler,faster, and more accessible for all Nigerians, he said.
