Mutual Benefits Assurance Plc has announced a profit after income tax of N3.61 billion in the year ended 2019.
This represents 214 per cent increase from N1.15 billion recorded in 2018.
According to the firm, its gross premium rose by 18 per cent from N15.84 billion in 2018 to N18.7 billion last year.
Net premium income stood at N15.29 billion, representing a 13 per cent increase from N13.48 billion in 2018.
The company also recorded a growth in underwriting profit of 77 per cent, which rose to N5.4 billion from N3.1 billion recorded in 2018 and a 13 per cent increase in net underwriting income from N13.96 billion in the previous year to 15.77 billion in the year under review.
Shareholders’ fund for the year under review stands at N13.43 billion, a 50.33 per cent increase from the previous year’s N8.94 billion, while total assets grew by 14 per cent from N59.4 billion in 2018 to N67.8 billion in 2019.
The company and its subsidiary, Mutual Benefits Life Assurance, however, paid combined claims amounting to N21 billion in 2019. The General Business paid N3.2 billion, while Life Business paid N17.8 billion.
The Managing Director, Mutual Benefits Assurance Plc, Femi Asenuga, said: “A twin approach of increased revenue drive and more robust underwriting process in 2019 ensured an impressive 77 per cent increase in underwriting profit from N3.1 billion in 2018 to N5.4 billion in 2019.’’
On the company’s five-year strategic plan tagged Project One Reloaded, Asenuga said they had made giant strides towards delivering more innovative and cutting-edge solutions to our teeming customers with the launch of an attractive, user-friendly website with e-commerce capabilities and a mobile-application.