The chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi, said, the capital injection of N4.80 billion led to 22 per cent increase in the firm’s total assets from N67.78 billion in 2019 to N82.87 billion in 2020. Ogunbiyi, who stated this at the company’s 25th annual general meeting (AGM) held virtually, added that, there was also 70 per cent rise in total equity from N14.53 billion in 2019 to N24.69 billion in 2020.
Stating that the insurer generated N19.98 billion gross premium written in 2020, translating to seven per cent growth, he added that, the performance was largely driven by a 12 per cent growth in the firm’s non-life insurance business.
The non-life, he said, had moved from N10.17 billion in 2019 to N11.35 billion in 2020. Ogunbiyi pointed out that the group also recorded a five per cent increase in net premium income from N15.29 billion in 2019 to N16.08billion in 2020, even as he noted that an adverse claims experience resulted in a 32 per cent decline in underwriting profit, from N5.40 billion in 2019 to N3.68 billion in 2020.
The drop in underwriting profit, he stressed, was offset by impressive investing activities and improved cost controls, leading to a 34 per cent rise in Profit before Tax.
2021, he said, presents another opportunity to consolidate on the tremendous feats made towards becoming the one-stop shop for provision of financial services solutions in all the company’s countries of operations.
He maintained that even as the business environment remains challenging due to economic uncertainty.
Our diversified business model, strong capital position and highly qualified and committed employees, will provide the solid base for profitable and resilient growth, he stressed.