Mutual Benefits’ capital base hits N20bn

Mutual Benefit Assurance grows premium by 47%

 said the group’s capacity to underwrite bigger insurance risks has continued to increase as its capitalisation has reached N20bn.

The Chairman of the company, Dr Akin Ogunbiyi, said this during the group’s 26th annual thanksgiving service in Lagos.

He said that Mutual Benefits Life Assurance Limited is now recapitlised to the tune of N8.8bn while Mutual Benefits General is capitalised to about N12bn, bringing the total capitalisation of the group to over N20bn.

Read:  Eaton Nigeria unveils alternative energy protection solution

“We have fully recapitlised as far back as December 2020. Our Mutual life is recapitlised to the tune of N8.8bn and our general business is about N12bn. So, we are fully recapitalised,” he said.

While disclosing that the company is working on a five-year plan tagged ‘Project one reloaded’ to become the leader in five critical areas in insurance industry, he said that Mutual Benefits is currently leading the insurance industry in the area of customer service.

He promised to extend this feat to other areas, such as gross premium income, profitability, among others.

Read:  Investments in electronic payment systems hit $500m –CBN.

During the thanksgiving service, 50 employees who have spent between five to 25 years in the employment of the company as well as some outstanding marketers were awarded with long service award.

Read:  Unilever Nigeria grows profit by 60% in six months

Ogunbiyi urged the company’s employees to increase their productivity in a to further grow the bottom line of the underwriting firm.

Related posts

CBN cancels large depositors’ fines amid naira scarcity


Naira exchange rates July 2022


FG raises N1.92trn bonds in 7 months


FirstBank gets three global awards


Fidelity Bank announce 21.6% PBT growth, propose 10 kobo interim dividend


FY 2021: Unity Bank assets hit N538.87bn


Leave a Comment