Mutual Benefits Assurance Plc has announced the payment of ₦13.6 billion in claims to policyholders across its General Insurance and Life Business portfolios in the first quarter of 2026, covering January to March.
The payout reflects the company’s sustained commitment to prompt claims settlement, financial strength, and the fulfilment of its obligations to customers, further reinforcing its reputation as a reliable player in Nigeria’s insurance industry.
Commenting on the development, the Managing Director, Olufemi Asenuga, stated that claims payment remains the strongest measure of an insurer’s credibility and value. He noted that each settled claim represents a promise fulfilled, helping families recover, businesses stabilise, and customers remain protected against unforeseen losses.
According to him, the company remains focused on maintaining strong underwriting standards, efficient service delivery, and responsive claims management across all customer touchpoints.
The performance comes at a critical time for Nigeria’s insurance sector, as recapitalisation efforts and regulatory reforms continue to reshape the industry. Within this evolving landscape, Mutual Benefits’ consistent claims payment record highlights its resilience, operational stability, and customer-centric approach.
Industry experts have consistently identified prompt claims settlement as a key driver of public confidence and increased insurance adoption. With insurance penetration in Nigeria still below global averages, sustained awareness of successful claims experiences is seen as vital to improving perception and encouraging uptake.
For over three decades, Mutual Benefits has maintained a reputation for reliability and nationwide reach. Its continued commitment to timely claims settlement remains a major differentiator, with recent customer testimonials further underscoring the real-life impact of insurance as a critical financial safety net for individuals and businesses.