By Our Reporter
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| Managing Director/Chief Executive Officer, Mutual Benefits Assurance Plc, Femi Asenuga |
Mutual Benefits Assurance Plc and its life subsidiary paid a total of ₦35.3bn in claims in the first nine months of 2025, reinforcing its commitment to policyholders amid rising economic pressures and business uncertainties across the country.
The claims, which covered January to September 2025, were paid across the Non-Life and Life businesses, providing financial relief to individuals, families and businesses.
A breakdown of the figures showed that the Non-Life arm accounted for ₦18.56bn, while the Life subsidiary paid ₦16.79bn in protection and investment-related claims.
The company said the payments demonstrated the continuing relevance of insurance as households and businesses grapple with high costs, currency pressures and operational risks.
The Managing Director/Chief Executive Officer, Mutual Benefits Assurance Plc, Femi Asenuga, said the Q3 performance reflects the firm’s focus on supporting customers irrespective of prevailing economic conditions.
He noted that the total claims paid by the third quarter of 2025 exceeded the value paid in any single financial year in the company’s history.
“When people buy insurance, what they are really buying is confidence that someone will show up when things go wrong. Paying ₦35.3bn in claims by Q3 is our way of showing that we take that responsibility seriously,” he said.
Non-Life claims payments during the period reflected risks arising from transportation, infrastructure, industrial and retail business activities.
The company paid ₦2.24bn in aviation-related claims and ₦1.23bn on engineering risks tied to construction and infrastructure projects.
Fire losses accounted for ₦2.30bn, while general accident claims totalled ₦2.60bn.
Marine claims amounted to ₦1.34bn, while motor claims rose to ₦3.79bn amid higher vehicle repair and replacement costs.
The insurer also settled ₦5.02bn in oil and gas claims, ₦2.46m on bond claims and ₦712,500 in agriculture-related losses.
Mutual Benefits said the payments helped businesses recover from disruptions and supported customers in replacing damaged assets.
On the Life side, Group and Credit Life claims totalled ₦5.41bn, providing financial cover for employers, lenders and dependants.
Individual death claims paid to families amounted to ₦907m, while annuity payments of ₦31m supported retirees.
In addition, the Life subsidiary honoured investment-backed obligations, paying ₦7.08bn in maturity benefits, ₦2.93bn in surrender claims and ₦413m in partial withdrawals.
Managing Director/CEO, Mutual Benefits Life Assurance Ltd., Biyi Ashiru-Mobolaji, said each claim represented “a promise kept”.
“Whether it is a family receiving support after a loss or a customer accessing long-term savings, our focus is on being dependable when our policyholders need us the most,” he said.
The insurer said the ₦35.3bn paid out by Q3 2025 reinforces its position as a trusted brand in an economy where confidence and stability are critical.
As the company moves toward year-end, it pledged continued emphasis on prompt claims settlement and support for individuals, businesses and communities nationwide.