BY ADEOLA SHITTU
In an industry where recapitalisation has become a stress test for balance sheets and leadership, Mutual Benefits Assurance Plc is telling a different story — one of foresight, discipline and early execution.
Long before Nigeria’s insurance regulator renewed its push for higher capital thresholds, the company had already fortified its financial base, placing it ahead of the curve in a sector still adjusting to tougher rules.
According to Managing Director/Chief Executive Officer, Mr. Oluwafemi Asenuga, Mutual Benefits proactively met and exceeded regulatory capital requirements years ahead of schedule, insulating the business from the uncertainty currently facing much of the industry.
Despite multiple directives issued to insurers over the past five years, the company had already crossed the N10 billion requirement for Life insurance and the N15 billion benchmark for General insurance businesses.
“By 2020, we had complied with the initial directives,” Asenuga said. “Today, we have not only met the minimum requirements; we have surpassed them for both the Plc and the Life company.”
For Mutual Benefits, however, capital adequacy is no longer the endgame.
Asenuga explained that the company’s strategic focus has shifted from compliance to capital deployment, with fresh liquidity being channelled into expansion, innovation and market dominance.
This forward-looking approach extends beyond underwriting. In a move that reflects deliberate portfolio diversification, Mutual Benefits has expanded into the energy sector, positioning the group to hedge against Nigeria’s volatile economic cycles and policy shifts.
“It has not been easy for a company to stand this tall after 30 years,” Asenuga noted. “Especially in an economy shaped by inconsistent government policies and evolving regulatory frameworks.”
The comments were made at a thanksgiving service marking the 30th anniversary of Mutual Benefits Assurance Plc, held under the theme “Fulfilling Purpose.” The event brought together industry stakeholders, financial sector leaders, staff, well-wishers and former Commissioner for Insurance, Mr. Fola Daniel.
Beyond the ceremony, the anniversary served as a reflection of institutional stability. Long-service awards and cash gifts were presented to employees whose careers have grown alongside the company — including Asenuga himself, who has spent three decades within the organisation.
Reaffirming the firm’s long-term philosophy, Asenuga emphasised that customer trust, people development and workplace culture remain central to Mutual Benefits’ growth strategy, noting that internal stability has been critical to sustaining performance across economic cycles.