Mutual Benefit Assurance Grows Profit by 88.24%

Ebere Nwoji

Mutual Benefit Assurance Plc has announced that it recorded increase in its underwriting profit to 88.24 per cent from N4.45 billion in 2021 to N8.37 billion in 2022.

The management said it achieved this despite increases witnessed in its claims and underwriting expenses for the year ended December 31,2022.

Addressing the shareholders at the 27th Annual General Meeting of the company held in Lagos, Chairman Mutual Benefit Assurance, Dr Akin Ogunbiyi, said during the year under review, implementation of various investment strategies resulted in an increase in the Group’s investment income by 60.60 percent from N1.46billion in 2021 to N2.34billion in 2022. 

He said these investment strategies resulted in the group’s operating profit of N3.49 billion in 2022 as against the loss of N5.54 billion in 2021 caused by the negative impact of the economic variables on the investment outlook of fair- valued financial instruments.

According to him, the Mutual Benefit group recorded a 14.27 percent growth in Gross Premium Written (GPW) from N29.30billion in 2021 to N33.48billion in 2022.

He said this was driven by a 17.29 percent growth in Gross Premium Written in Life insurance business, from N12.01billion in 2021 to N14.09billion in 2022 and a 12.17 percent increase in non-life business from N17.28billion in 2021 to N19.39billion in 2022. 

Ogunbiyi also said the group recorded a 28.08 percent increase in Net Premium income from N22.46billion in 2021 to N28.76billion in 2022. 

According to him, adverse claims experience and underwriting expenses resulted in increases of 9.31 percent and 25.36 percent respectively.