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| Executive Director (Technical), Mutual Benefits Assurance Plc, Mr. Joseph Oladokun (left), with the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, during the presentation of renewed operational licence certificates to insurance companies that successfully met the Commission's new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, held in Abuja on Tuesday. |
The renewed licence marks a significant milestone for the Mutual Benefits Group, with both Mutual Benefits Assurance Plc and Mutual Benefits Life Assurance Ltd successfully complying with NAICOM's recapitalisation requirements.
The achievement not only confirms the Group's regulatory compliance but also reinforces its financial strength, resilience and enhanced capacity to underwrite larger and more complex risks, deliver faster claims settlement, introduce innovative insurance solutions and create greater value for policyholders, brokers and other stakeholders.
Backed by a stronger capital base, Mutual Benefits is strategically positioned to accelerate digital transformation, deepen insurance penetration, strengthen customer confidence and play a more significant role in the growth and transformation of Nigeria's insurance industry.