Underwriter pays N29.08 billion in claims as profit soars

Policyholders of Mutual Benefits Assurance Plc received a total of N29.08 billion in claims in 2024 as the insurer strengthened its commitment to prompt claims settlement and customers’ 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 demonstrated the company’s strong capacity to honour obligations and provide financial security to its customers when it mattered 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 N11.31 billion, while insurance revenue rose 68 per cent to N66.92 billion from N39.92 billion in the prior year, signalling a wider market reach and improved customer retention.

The board approved a dividend of two 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 to include 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