Mutual Benefits Grows Revenue By 68%

 

Harboursandport.com: Lagos – August 18, 2025: Mutual Benefits Assurance Plc has grown insurance revenue by 68 per cent to N66.92 billion in 2024 from‎ N39.92 billion recorded in 2023.

Chairman of the company, Dr. Akin Ogunbiyi who disclosed this at the company’s annual general meeting in Lagos, stated that the growth reflects expanding market share and effective client ‎retention strategies of the company.

He said that it underscores the trust clients place in the company to deliver reliable, tailored insurance solutions.

L -R:  Biyi Ashiru-Mobolaji, MD/CEO,  Mutual Benefits Life Assurance Limited; Femi Asenuga,  MD/CEO, Mutual Benefits Assurance Plc; Dr. Akin Ogunbiyi,  Group Chairman, Mutual Benefits Assurance Plc;  Jide Ibitayo, Company Secretary  and Joseph Oladokun, Executive Director, Technical,  Mutual Benefits Assurance Plc at the company’s 28^th annual general meeting in Lagos.  

He said: “We also demonstrated our ‎‎commitment to fulfilling our obligations to policyholders, settling claims amounting to ‎ ‎N29.084 billion, a 53 per cent increase on the N18.99 billion settled in 2023. Our Profit before Tax ‎(PBT) surged to N12.042billion, an impressive 92% increase from N6.28 billion in 2023. This growth was driven by prudent expense management, effective underwriting, and ‎strategic investments that yielded favorable returns in a volatile environment.”

According to Ogunbiyi, the Board ‎recommended a dividend of two kobo per share for‎ the 2024 financial year. “This reflects our continued commitment to rewarding shareholder confidence and participation, while ‎also ensuring a prudent balance between current returns and future growth. We are optimistic that, with strengthened capital and strategic‎ execution, dividend payouts will grow in the‎ years ahead further enhancing shareholder‎ value and helping sustain our market capitalization.”

On outlook for 2025 and beyond, Ogunbiyi said that they remain cautiously optimistic about the opportunities and challenges that lie before them.

He said: “We aim to sustain growth momentum, by expanding reach, deepening our digital transformation journey and providing seamless and enhanced digital experiences for our customers. Our commitment to maintaining compliant, transparent, and efficient operational framework remains steadfast. We are confident that with stronger capital, disciplined execution, and the continued support of our shareholders, we will navigate the evolving industry landscape with resilience and purpose.”

Also speaking, Managing Director of the company, Mr. ‎Olufemi Asenuga stated that the 2024 results underscore the company’s stability and ‎ outstanding customer service solutions.