Adeola Shittu
 |
| L-R: Mutual Benefits holds 28th & 29th AGM. L to R: Biyi Ashiru-Mobolaji, MD/CEO, Mutual Benefits Life Assurance Limited; Femi Asenuga, MD/CEO, Mutual Benefits Assurance Plc; Dr. Akin Ogunbiyi, Group Chairman, Mutual Benefits Assurance Plc; Jide Ibitayo, Company Secretary and Joseph Oladokun, Executive Director, Technical, Mutual Benefits Assurance Plc after the meeting yesterday in Lagos. |
Mutual Benefits Assurance Plc has announced record-breaking financial results at its combined 28th and 29th Annual General Meetings (AGM), held on Thursday in Lagos, underscoring its resilience and commitment to value creation for shareholders and customers alike.
The Group delivered an exceptional 92% jump in profit before tax (PBT) for 2024, rising from ₦5.88 billion in 2023 to ₦11.31 billion. Insurance revenue also surged 68% to ₦66.92 billion, up from ₦39.92 billion in 2023, driven by strategic market expansion, effective underwriting, and prudent expense management.
In line with its promise to protect customers’ interests, Mutual Benefits paid out ₦29.084 billion in claims during 2024 — a 53% increase compared to ₦18.99 billion in the prior year. The Chairman, Dr. Akin A. Ogunbiyi, said this reflected the company’s unwavering commitment to policyholders, even amid challenging economic conditions.
To reward shareholders for their trust and loyalty, the Board approved a dividend of 2 kobo per share for the 2024 financial year. Dr. Ogunbiyi noted that the dividend strikes a balance between immediate returns and reinvestment for future growth, reinforcing shareholder value.
Managing Director/CEO Olufemi Asenuga reported strong performances across business segments, he stated that;
General Insurance revenue rose 87% to ₦37.6 billion, with PBT climbing 88% to ₦5.7 billion.
Life Business closed the year with ₦69.68 billion in total assets and ₦16.58 billion in shareholders’ funds, reflecting financial resilience despite slight revenue and profit declines due to macroeconomic headwinds.
Microfinance Banking recorded gross earnings of ₦918.04 million, a 56% increase from ₦589.92 million, with PBT up 23% to ₦310.99 million.
Addressing sector-wide reforms, including the proposed recapitalization initiative, Dr. Ogunbiyi assured shareholders that Mutual Benefits has a clear plan to meet the new capital requirements and may seek their support to further strengthen the company’s competitive position.
In 2024, the Group also invested heavily in digital infrastructure, employee training, and market expansion, while prioritizing Environmental, Social, and Governance (ESG) compliance in line with global standards.
The AGM also saw the return of Alh Lamis Sheu Dikko to the board as a non-executive director, and the appointment of Mrs. Asia El-Rufai as an independent non-executive director, bringing over three decades of legal and leadership experience.
Looking ahead, Mutual Benefits is targeting continued market growth, deeper digital transformation, and enhanced customer experiences. Both the Chairman and MD expressed confidence in navigating the evolving economic and industry landscape with “resilience, discipline, and purpose.”