Mutual Benefits reports 92% profit increase, pays N29.08bn claims, declares dividend

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Mutual Benefits Assurance Plc has announced a remarkable financial performance for the 2024 fiscal year, marked by significant growth in revenue, profit, and claims settlement.

The Chairman Dr. Akin A. Ogunbiyi disclosed this, while delivering the company’s 2024 financial report during its 28th and 29th Annual General Meeting held today in Lagos.

He revealed the company recorded Insurance Revenue of N66.92 billion in 2024, representing a robust 68% increase from N39.92 billion in the previous year. This growth underscores the company’s expanding market share and its success in retaining and building trust with clients through tailored, reliable insurance solutions.

In a demonstration of its strong commitment to policyholders, Mutual Benefits settled claims totaling N29.08 billion in 2024, up 53% from N18.99 billion paid in 2023. This significant claims payout reflects the company’s dedication to fulfilling its obligations promptly and effectively.

Profit Before Tax (PBT) surged impressively by 92% year-on-year to N12.04 billion from N6.28 billion in 2023. This outstanding growth was fueled by prudent expense management, effective underwriting, and strategic investments that delivered favorable returns amid a volatile economic environment.

In recognition of this outstanding performance, he said the Board has recommended a dividend payout of 2 kobo per share for the 2024 financial year. This dividend declaration highlights Mutual Benefits’ commitment to rewarding shareholder confidence while balancing current returns with sustainable future growth.

Looking ahead, he added, the company remains cautiously optimistic about the prospects for 2025. It plans to sustain growth by expanding its market reach, accelerating its digital transformation initiatives, and enhancing customer experience through seamless digital platforms. Mutual Benefits Assurance also reiterates its dedication to compliance, transparency, and operational efficiency.

“We are confident that with strengthened capital, disciplined execution, and the unwavering support of our shareholders, we will continue to navigate the evolving industry landscape with resilience and purpose,” Ogunbiyi said.