Mutual Benefits Assurance Records N29.3bn Gross Premium

Mutual Benefits Assurance Plc recorded a 47 per cent growth in its gross premium written(GPW) from N20 billion in 2020 to N29.3 billion in 2021 financial year end.

The group’s balance sheet also remains robust, with total assets of N83.8 billion, an increase in insurance contract liabilities by 34 per cent from N17.6 billion in 2020 to N23.5 billion in 2021, and a marginal increase of 6 per cent  in investment policies from N28.4 billion in 2020 to N30.2 billion in 2021.

While it witnessed increase in its share capital by 80 per cent  from N5.6 billion in 2020 to N10 billion in 2021, the group’s performance in its Gross Premium Written (GPW) from N20 billion in 2020 to N29.3 billion in 2021, was largely driven by a 52 per cent growth in GPW in its non-life insurance business, from N11.3 billion in 2020 to N17.3 billion in 2021.

The group also recorded a 40 per cent increase in Net Premium Income from N16.1 billion in 2020 to N22.5 billion in 2021, and an adverse claims experience and underwriting expenses resulted in their increases of 35 per cent and 31 per cent respectively.

The chairman of the insurance firm, Dr. Akin Ogunbiyi, while addressing shareholders at the company’s 26th annual general meeting(AGM) in Lagos recently, noted that, the insurer’s net benefits and claims increased from N8 billion in 2020 to N10.8 billion in 2021, while underwriting expenses increased from N4.9 billion in 2020 to N6.4 billion in 2021.

Despite these increases in claims and underwriting expenses, he said, the group recorded an increase of 38 per cent in the underwriting profit of N5 billion in 2021 as against N3.7 billion in 2020.

Stating that year 2021 was quite challenging, he expressed confidence in the future plans of the company to grow the business as all its subsidiaries share an ambition to grow the business further.