Mutual Benefits Assurance Plc has recently embarked on a strategic investment move in the oil and gas sector that has become the top insurance company in the country.
This is even as it assured its shareholders, policyholders and all stakeholders that the insurer will have a seamless recapitalisation exercise should the insurance industry regulator, the National Insurance Commission(NAICOM) decides to initiate it in the current year.
Speaking at the firm’s 29th Annual Thanksgiving Service in Lagos, at the weekend, the chairman, Dr. Akin Ogunbiyi, noted that, due to strategic investments decisions made by the company in recent years, the company would soon become a clear leader in the insurance industry.
According to him, “ two years from now, with our strategic investment in oil assets which have gone into production, Mutual Benefits Assurance Plc will be the biggest insurance company in the industry. Apart from the substantial investment, the company is equally the financier of the assets.”
Giving further details, he said: “From the little effort we have been doing, we had to look for a commensurate long term investment we can do with our life fund and with the permission of the National Insurance Commission(NAICOM), we invested in the oil assets. We are optimistic that we will keep growing and with the impact these assets will have on our balance sheet the blue sky will not limit us.”
Earlier, the managing director/CEO, Mutual Benefits Assurance Plc, Femi Asenuga, noted that, despite the harsh economic situation in 2024, the company was able to grow its gross premium written to about N40 billion when compared to about N23 billion reported in the previous year of 2023.
Stating that the 2024 was very challenging particularly, with the economy and the galloping inflation recorded in the country which had a direct impact on the disposable income of business and individual and directly affected business generally, he added that, despite these, the insurer did well in gross written premium.
He was optimistic that, 2025 business year would even surpass achievements of 2024, even as he assured the company had brought in funds earlier, with the mindset that recapitalisation exercise may commence anytime soon in the insurance industry.
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