Mutual Benefits Posts N402m Profit

By Nnamdi Duru


The management of Mutual Benefits Assurance Plc (Mutual), one of the composite insurance groups in the country, said the company recorded a 50 per cent appreciation in its premium income for the last year ended December 31, 2009.  A statement by the Group Managing Director of the company, Mr. Akin Ogunbiyi, confirmed that the groups premium income rose from at N3.63 billion in the previous year to N5.28 billion last year.He also stated that the company was also able to reverse its N1.5 billion loss recorded in 2008 financial year to a profit before tax figure totalling N402 million as at December 31, 2009. 


This reversal,  according to him,  was made possible by the company’s resolve to make adequate provision for the losses it sustained in the wake of the capital market crash and the global financial meltdown three years ago.The company,  according to its boss,  said it introduced strategic initiative including alliance and partnership with relevant stakeholders resulting to the establishment of Mutual Model Transport Limited, a LAGBUS sub-operator which  is currently operating a fleet of 90 buses.


Mutual remains strong, well capitalised, profitable and a leading brand in the Nigerian insurance industry and it is currently driving insurance awareness through its innovative products and services, Ogunbiyi said Our goal at Mutual is to build a successful and sustainable business that will add value to individuals, states and countries and bring profit to our shareholders, he added.Meanwhile, the management of Mutual Benefits Assurance has confirmed that it paid out over N2.5 billion claims to various insureds in the last two and half years.


Addressing insurance brokers at the event, Managing Director of Mutual Benefits General Insurance Limited, Mr. Olusegun Omosehin said “we have continually demonstrated our commitment to claims settlement and have consistently improved on our claims administration over the years”.“In 2008, we paid total claims of about N565.80 million for both life and non-life, in 2009 we paid a total of N1.20 billion as claims and we have paid a combined claim of about N729.50 for life and non-life,” he said.


“So between 2008 and the first half of this year, we have paid total claims of about N2.5 billion for both life and non-life operations.  We currently have a total of 21 branches and agency offices millions spread across the country in addition to two full fledged subsidiaries in Cameroun and Liberia,” Omosehin added.



Source: ThisDay

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