MUTUAL BENEFITS PAYS N34.54 BILLION IN CLAIMS IN 2024, STRENGTHENS TRUST IN INSURANCE EXCELLENCE

MUTUAL BENEFITS PAYS N34.54 BILLION IN CLAIMS IN 2024, STRENGTHENS TRUST IN INSURANCE EXCELLENCE

- Insurance giant reaffirms commitment to policyholders with record-breaking payouts

Femi Asenuga, MD/CEO, Mutual Benefits Assurance Plc

Mutual Benefits Assurance Plc, alongside its subsidiary, Mutual Benefits Life Assurance Ltd., has once again demonstrated its financial strength and commitment to policyholders by settling claims worth N34.54 billion in 2024. This remarkable payout underscores the company’s dedication to delivering timely and reliable insurance coverage despite prevailing economic challenges.

UNWAVERING COMMITMENT ACROSS INSURANCE SEGMENTS

The claims paid in 2024 spanned both General and Life Insurance, reflecting Mutual Benefits' capability to meet diverse customer needs.

The claims paid in 2024 covered both General and Life Insurance, reflecting Mutual Benefits’ ability to fulfill its obligations across various insurance segments. General Insurance claims totaled N12.24 billion, with the Oil & Gas sector recording the highest payout of N2.54 billion, followed closely by Fire Insurance claims at N2.39 billion and Motor Insurance at N2.29 billion. General Accident claims amounted to N1.83 billion, while Marine Insurance payouts stood at N1.30 billion. The Aviation sector recorded claims of N1.70 billion, and Engineering Insurance claims reached N785 million, while Agric Insurance had the lowest non-life payout at N11 million.

On the Life Insurance side, Mutual Benefits Life Assurance Ltd. paid a total of N22.30 billion in claims. Group Life Claims led the segment with N7.93 billion, followed by Maturity Claims at N6.75 billion and Surrender Claims at N4.77 billion. Other payouts included N1.42 billion for Individual Death Claims, N1 million for Partial Withdrawals, N279 million for Credit Life Claims, and N43 million for Annuity Claims.

LEADERSHIP SPEAKS ON THE LANDMARK ACHIEVEMENT

Commenting on this milestone, Mr. Femi Asenuga, MD/CEO of Mutual Benefits Assurance Plc, reaffirmed the company’s commitment to prompt claims settlement, stating:

"Through these substantial payouts, we continue to uphold our promise of reliability and financial security, reinforcing the trust our policyholders place in us."

Similarly, Mr. Biyi Ashiru-Mobolaji, MD/CEO of Mutual Benefits Life Assurance Ltd., highlighted the insurer’s customer-centric approach, adding:

"Our priority has always been ensuring a seamless and speedy claims process. This achievement reflects our dedication to efficiency, excellence, and customer satisfaction."

MUTUAL BENEFITS: A LEADER IN THE NIGERIAN INSURANCE INDUSTRY

As one of Nigeria’s top-tier insurance providers, Mutual Benefits Assurance Plc has remained a trusted partner for individuals and businesses for nearly three decades. The company recently marked its 29th Anniversary Thanksgiving Service in Lagos, reinforcing its legacy of excellence.

Looking ahead, Mutual Benefits has assured shareholders, policyholders, and industry stakeholders of its readiness to adapt to potential NAICOM recapitalization requirements, leveraging a strong balance sheet, strategic investments, and industry expertise to maintain its leadership position.

WHY CHOOSE MUTUAL BENEFITS?

Proven Track Record – Over N34.54 billion paid in claims in 2024 alone

Financial Strength – Resilient in the face of economic fluctuations

Customer-Centric Approach – Seamless and speedy claims processing

Industry Leadership – Nearly 30 years of unwavering commitment

Mutual Benefits Assurance Plc remains the go-to insurer for financial security, trust, and industry-leading service delivery.