Mutual Benefits Assurance posts N11.31bn profit in 2024, pays N29.08bn claims

•…company declares 2 kobo dividend, targets stronger shareholder returns

Mutual Benefits Assurance Plc has announced a 92 percent surge in profit for the 2024 financial year, rising to N11.31 billion from N5.88 billion recorded in 2023.

Speaking at the company’s 28th and 29th Annual General Meetings (AGMs) in Lagos, Chairman, Dr. Akin Ogunbiyi, said insurance revenue grew by 68 percent to N66.92 billion from N39.92 billion the previous year, reflecting expanded market share and strong client retention.

The firm also demonstrated its commitment to policyholders by settling claims worth N29.08 billion in 2024, a 52 percent increase from N18.99 billion in 2023.

Profit Before Tax (PBT) rose sharply to N12.04 billion, also up 92 percent from N6.28 billion in 2023.

Dr. Ogunbiyi attributed the performance to prudent expense management, effective underwriting, and strategic investments that delivered strong returns despite a volatile operating environment.

Shareholders will receive a dividend of 2 kobo per share for the year under review.

Ogunbiyi said the payment underscores the company’s commitment to rewarding investor confidence while maintaining a balance between immediate returns and funding future growth.

He expressed optimism that with strengthened capital and strategic execution, dividend payouts will rise in coming years, boosting shareholder value and sustaining market capitalisation.

Managing Director/Chief Executive Officer, Mr. Olufemi Asenuga, said the company’s focus going forward is to deepen market presence, accelerate digital transformation, and continue providing customer-centric insurance services.

He stressed that Mutual Benefits Assurance is strategically positioned for sustainable profitability and long-term shareholder returns.

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