Mutual Benefits Assurance Posts N10.7bn Income

(Sundiata Finance) — Mutual Benefits Assurance Plc, grew its underwriting income by 27 per cent from N8.3 billion to N10.7 billion in 2016, despite the challenging economy and consumer apathy towards insurance.
A statement by the firm’s Head, Corporate Communication, Ellen Offo, stated that this was revealed in the company’s result released on the floor of the Nigerian Stock Exchange (NSE).
According to the statement, the feat was achieved through the organisation’s improved risk retention policy.
The group recorded underwriting Profit (non-life and life) of N4.1 billion, which is one of the highest in the industry. This is a 16 per cent growth from the underwriting profit of N3.6 billion recorded in 2015. In 2016, the group paid out claims amounting to N3.3 billion which is a 43 per cent increase from the N2.3 billion paid out in 2015. This development, the company’s management said is in line with its “firm commitment to honouring its obligations and delighting customers, while improving customer service excellence”
In the year under review, the company’s investment income stood at N966 million, which represents a 13 per cent increase against N854 million in 2015.

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