Mutual Benefits Assurance, subsidiary pay N21bn claims in 2019

Mutual Benefits Assurance Plc and its subsidiary, Mutual Benefits Life Assurance, paid combined claims amounting to N21billion in 2019, a statement said on Monday.

The statement by the Insurance firm made available to the News Agency of Nigeria (NAN) in Lagos revealed that the company’s General Business paid N3.2 billion, while Life Business paid N17.8 billion.

A breakdown of the paid claims reveals that Maturity Claims account for the highest, at N8 billion, followed by Surrender Claims at N4.28 billion and Group Life Claims at N4.03 billion.

The company said that Partial withdrawal stood at N1.26 billion while Credit Life, Individual Death Claims and Annuity Claims accounted for N75.59 million, N105 million and N45.62 million respectively.

According to the firm, for the Non-Life Business, Gross Claims paid was N3.2 billion.

The company stated that Motor Claims, being the highest, was N1.22 billion, followed by Fire Claims at N859 million, Special Risks (Aviation/Oil & Gas) attracted N472.12 million Claims, and Marine Claims were N180.144 million.

The Insurance firm also announced a profit growth of 214 percent for the financial result for the year ended December 31, 2019.

Mutual Assurance said that its Profit After Income Tax grew to N3.61billion when compared to N1.15 billion recorded in 2018.

The company noted that its Gross Premium Written rose by 18 per cent from 15.84 billion in 2018 to N18.7 billion in 2019.

“Net Premium Income stood at N15.29 billion, representing a 13 per cent increase from N13.48 billion in 2018.”

The insurance firm revealed that it also recorded a growth in Underwriting Profit of 77 per cent which rose to N5.4billion from N3.1 billion recorded in 2018.

According to the firm, its net underwriting income increased by 13 per cent, from N13.96 billion in 2018 to 15.77 billion 2019.

The Insurance firm stated that its Shareholders’ Fund for the year under review stood at N13.43billion, which is a 50.33 per cent increase from the previous year which was N8.94 billion.

It said that its total assets grew by 14 per cent from N59.4 billion in 2018 to N67.8 billion in 2019.

Commenting, Mr Femi Asenuga, Managing Director, Mutual Benefits Assurance Plc, said that a twin approach of increased revenue drive and more robust underwriting process ensured an impressive 77 per cent increase in underwriting profit from N3.1b in 2018 to N5.4b in 2019.

On the company’s five-year strategy plan tagged: Project One Reloaded, Asenuga explained that the firm had made giant strides toward delivering more innovative and cutting-edge solutions to its teeming customers .

He said this would be done with the launch of an attractive, user-friendly website with e-commerce capabilities and a Mobile-Application.

The Managing Director said that the website and its e-commerce page would allow the company’s numerous customers to procure insurance policies online timely and seamlessly at their convenience; while improving their overall customer experience. (NAN)