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Tag: Mutual Benefits

  • Mutual Benefits assures stakeholders of capital strength

    Mutual Benefits assures stakeholders of capital strength

    • Marks 30th anniversary

    Mutual Benefits Assurance Plc has assured stakeholders of its strong capital position and readiness to scale through the ongoing insurance industry recapitalisation exercise, as it celebrated its 30th anniversary with a thanksgiving service in Lagos.

    Speaking at the thanksgiving service, the Chairman of Mutual Benefits, Dr. Akin Ogunbiyi, said that the company has invested about $64 million in a producing oil asset, describing the move as a significant milestone for a firm that began operations three decades ago with an initial capital of about N5 million.

    Ogunbiyi said the investment reflects the company’s evolution, resilience and long-term growth strategy, noting that Mutual Benefits has successfully transformed from a modest local insurer into a diversified financial services group with regional footprints.

    He also highlighted the growing contribution of the company’s regional subsidiaries, revealing that Mutual Benefits’ operation in Niger Republic has emerged as the second-largest insurer in that market, with prospects of becoming the market leader following the exit of some francophone competitors.

    Reflecting on the company’s journey, Ogunbiyi recalled how Mutual Benefits navigated major financial and operational challenges, including a liquidity crisis in 2020, which was resolved through a $10 million capital injection from U.S. investors, as well as the successful resolution of a debt dispute at a London court.

    He paid glowing tribute to the company’s staff, recounting several storms the organisation weathered over the years, including the Daewoo loan crisis, which he said had threatened not only Mutual Benefits but other insurance firms in the industry.

    The chairman also traced the company’s humble beginnings and its expansion beyond Nigeria to countries such as Liberia and Niger, where it is steadily building a leadership position in the insurance market.

    On expansion strategy, the management of Mutual Benefits said the company remains cautious about mergers and acquisitions.

    The Managing Director/Chief Executive Officer, Mr. Olufemi Asenuga, explained that while acquisitions remain an option, they are not a priority at the moment, citing challenges encountered after the 2007 acquisition of Worldwide Insurance.

    Read Also: Mutual Benefits remains stable amid challenging economy, says Chairman

    Instead, Asenuga said the company is leveraging technology to revive and expand its microinsurance business, which had previously been constrained by high distribution costs.

    According to him, a technology-driven rollout is now being planned to deepen market penetration and improve efficiency in the segment.

    Asenuga assured stakeholders that Mutual Benefits is well positioned to navigate the ongoing recapitalisation exercise, having proactively strengthened its capital base long before the current regulatory push.

    He disclosed that despite several regulatory directives issued to the industry in the last five years, the company had already exceeded the capital thresholds of N10 billion for Life insurance and N15 billion for General insurance businesses.

    “By 2020, we had already complied with the initial directives. As we speak today, we have not only met the minimum requirements, we have surpassed them for both the Plc and the Life company,” Asenuga said.

    He added that the group’s focus has moved beyond regulatory compliance to injecting additional liquidity to support aggressive business growth and expansion.

    Beyond underwriting, Asenuga revealed that the group’s diversification into the energy sector serves as a hedge against domestic economic cycles.

    “It has not been easy for a company to stand this tall after 30 years, especially in an economy characterised by volatile government and regulatory policies,” he said.

    The thanksgiving service, held to mark Mutual Benefits Assurance Plc’s 30th anniversary with the theme “Fulfilling Purpose,” attracted industry stakeholders, financial sector leaders, staff, well-wishers and a former Commissioner for Insurance, Mr. Fola Daniel.

    The colourful event featured the presentation of long-service awards and cash gifts to staff in recognition of their dedication and loyalty to the company over the years, including the Managing Director/CEO himself, who has spent 30 years with the organisation.

    Asenuga emphasised the company’s commitment to customer satisfaction and a supportive work environment, noting that a strong workplace culture has played a key role in retaining talent and sustaining growth.

  • ‘Mutual Benefits paid N34.54 billion claims in 2024’

    ‘Mutual Benefits paid N34.54 billion claims in 2024’

    • Reaffirms commitment to policyholders

    In a demonstration of commitment, Mutual Benefits Assurance Plc and its subsidiary, Mutual Benefits Life Assurance Limited, disbursed claims totalling N34.54 billion to its policyholders in 2024.

    According to the company, the significant payout underscores the company’s commitment to financial security and customer satisfaction, despite rising economic challenges.

    The claims paid covered General and Life Insurance, reflecting Mutual Benefits’ ability to fulfill its obligations across various insurance segments.

    General Insurance claims totalled N12.24 billion, with the Oil & Gas sector recording the highest payout of N2.54 billion, followed by Fire Insurance claims at N2.39 billion and Motor Insurance at N2.29 billion.

    General Accident claims amounted to N1.83 billion, while Marine Insurance payouts stood at N1.30 billion. The Aviation sector recorded claims of N1.70 billion, and Engineering Insurance claims reached N785 million, while Agric Insurance had the lowest non-life payout at N11 million.

    On Life Insurance, Mutual Benefits Life Assurance paid a total of N22.30 billion claims. Group Life Claims led the segment with N7.93 billion, followed by Maturity Claims at N6.75 billion and Surrender Claims at N4.77 billion.

    Read Also: Police inherited 13-year backlog of unsettled insurance claims, says IG Egbetokun

    Other payouts included N1.42 billion for Individual Death Claims, N1 million for Partial Withdrawals, N279 million for Credit Life Claims, and N43 million for Annuity Claims.

    The Managing Director/CEO, Mutual Benefits Assurance Plc, Mr. Femi Asenuga, emphasised the company’s focus on timely claims settlement.

    He said: “Through these substantial payouts, we continue to uphold our promise of prompt claims settlement, reinforcing the trust our policyholders place in us.”

    Also, the Managing Director/CEO, Mutual Benefits Life Assurance Limited, Mr. Biyi Ashiru-Mobolaji highlighted the company’s commitment to efficiency and excellence.

    “Our priority has always been ensuring a seamless and speedy claims process. This achievement reflects our dedication to reliability and customer satisfaction.

    “Mutual Benefits is a leading insurer in Nigeria and the West African sub-region. At our 29th Year Thanksgiving Service in Lagos. During the event, the company assured shareholders, policyholders, and stakeholders that, should the National Insurance Commission (NAICOM) introduce a recapitalisation directive this year, Mutual Benefits is well-prepared to navigate the process seamlessly.

    “Backed by strong balance sheet growth and strategic investments in oil and gas assets, Mutual Benefits is well-positioned for sustained industry leadership,” he added.

  • Mutual Benefits’ underwriting income hits N13.9b

    Mutual Benefits Assurance Plc. has recorded a net underwriting income of N13.9 billion for the year ended December 31, 2018, representing a 19 per cent increase from the N11.77 billion recorded in 2017 by the group.

    According to the result of its audited account released on the floor of the Nigerian Stock Exchange (NSE), the Company’s gross premium written also grew by 13 per cent from N14.03 billion in 2017 to N15.84 billion in the year under review. Net premium income stood at   N13.47 billion representing an 18 per cent increase from N11.46 billion in 2017, while profit after income tax stood at N1.149 billion; a 12% increase from 2017 figure of N1.02 billion.

    The 70 per cent percent increase in claims paid over the 2017 figures impacted the company’s underwriting profit which dipped by 17 per cent to N3.05 billion.

    The company paid claims amounting to N3 billion in the period under review. Motor claims were the highest, amounting to N1.10 billion, followed by Fire which was N664 million, General Accident N330 million while Aviation risks attracted N441.90 million. Claims paid on other classes of business include Engineering N166 million; Oil and Gas risks N108.90 million and Marine N241.60 million.

    Managing Director, Mutual Benefits Assurance, Segun Omosehin said the claims paid shows their commitment to meeting our obligations to our esteemed customers.”

    According to him, the company has put in place systems and processes to ensure efficient claims service delivery.

    He said: “We are committed to prompt settlement of all genuine claims, as this aligns with our mission statement of “Transcending the expectations of our customers for the satisfaction of their wealth protection needs through the provision of qualitative insurance and risk management services thereby creating values for all stakeholders.

    “The year 2019 is the third year of our five-year strategy plan and we have made remarkable progress.  Our IT transformation will soon be completed which will take our service delivery level to greater heights with innovative customer centric solutions”, he noted.

  • Mutual Benefits raises N1.59b as rights issue

    Mutual Benefits Assurance Plc has raised about N1.586 billion in new equity funds from its shareholders, 20.7 per cent or N414 million below the insurance company’s target of N2 billion.

    Mutual Benefits Assurance had offered four billion ordinary shares of 50 kobo each to existing shareholders at 50 kobo per share. The rights issue was provisionally allotted on the basis of one new ordinary share of 50 kobo each for every two ordinary shares held as at the close of business on November 1, 2017.

    At the listing of the rights issue’s shares at the weekend, the company indicated it was able to raise N1.586 billion through subscription to about 3.173 billion ordinary shares of 50 kobo each at 50 kobo per share. The rights issue was thus 79.3 per cent subscribed.

    The additional shares of 3.173 billion were subsequently listed on the main board at the Nigerian Stock Exchange (NSE).

    With the listing of the new ordinary shares, the total issued and fully paid up shares of Mutual Benefits Assurance has increased from eight billion to 11.173 billion ordinary shares of 50 kobo each.

    The rights issue, which was initially scheduled to close on Friday September 14, last year, was extended to Friday September 28, last year. The rights issue had opened on Monday, August 6, last year.

    The board of the insurance company has said the net proceeds of the rights issue would be used to deepen the capital base of the company and enhance its ability to create more wealth for shareholders.

    Mutual Benefits Assurance Plc Chairman Dr. Akin Ogunbiyi said the net proceeds of the rights issue would be used to finance the company’s growth plan including provision of additional working capital and expansion of information and communication technologies to support the company enlarged operations.

    He said the strategic goal of the company is to become the number one insurance company in Nigeria in terms of growth and profitability.

    He assured that new investments in technologies would help the company to eliminate delay in its processing and focus more on customer satisfaction.

    Ogunbiyi reassured shareholders of the commitment of the board and management of the company to sustainable growth, in line with its five-year strategic plan.

    In 2017, Mutual Benefits Assurance   started the implementation of a five-year strategic plan to reposition it for future opportunities and challenges.

    The plan focused on four key areas of the group’s business, including deepening market penetration and customer acquisition, customer service delivery excellence, transformation of its people and culture and operational effectiveness.

  • Mutual Benefits develops talents with Badmington game

    Mutual Benefits provides an avenue for gifted youths to develop their talents, its Chairman Dr. Akin Ogunbiyi has said.

    He spoke at the Mutual Benefits National Badminton Championship Games held at the Mutual Benefits Badminton Hall, Police College, Ikeja.

    Ogunbiyi said the company’s support for the Badminton games was part of its Corporate Social Responsibility (CSR)

    He stated that the Police Baton Basketball Club has also received immense support from the company.

    He said: ‘’The championship is a platform through which the company gives back to the society and nurture the game of Badminton. Youth Empowerment through the development of Sports has been a key focus of the company’s CSR activities.

    “This year’s championship features 20 more players over and above the 140 that participated last year. These include the champions from last year; Anuoluwapo Opeyori, a Lagos State player and Dorcas Adesokan of Ogun State, who emerged winners in the Men’s Singles and Ladies’ Singles. Two players, Sofiat Obanishola from Kwara State and Miracle of USIA from Delta State, also got scholarship awards during the competition. We look forward to celebrating this year’s champions.”

    He said the various youth empowerment programmes sponsored by Mutual Benefits include the 10th Biennial Nigeria Police Games in Port Harcourt, Rivers State, where the company did not only provide sponsorship, but was also the official insurer of the games.

    “The maiden edition of the National Youth Games in Abuja, the Nigeria Rowing Canoe and Sailing Federation competitions. Twenty customised kayak boats and paddles were donated to the Rowing Canoe and Sailing Federation to boost its fleet and encourage participation among the youth across the nation. The Police Baton Basketball Club, has also received immense support from the company,” he noted.

    Badminton Federation of Nigeria President Frank Orbih added that the success of the championship derived from the collective effort of all who contributed their time, energy and resources to ensure that all went on smoothly.

  • Mutual Benefits extends N2b rights issue till Friday

    Mutual Benefits Assurance Plc has extended the application period for its N2 billion rights issue, providing shareholders with more opportunity to pick up their shares.

    Securities and Exchange Commission (SEC) approved the extension  from Friday, September 14, 2018 to Friday, September 28, 2018. The rights issue opened on Monday, August 6, 2018.

    Mutual Benefits Assurance is offering four billion ordinary shares of 50 kobo each to its shareholders at 50 kobo per share. The rights issue was provisionally allotted on the basis of one new ordinary share of 50 kobo each for every two ordinary shares held as at the close of business on November 1, 2017.

    The board of the insurance company has said the net proceeds of the rights issue would be used to deepen the capital base of the company and enhance its ability to create more wealth for shareholders.

    Chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi said the net proceeds of the rights issue would be used to finance the company’s growth plan, including provision of additional working capital and expansion of information and communication technologies to support the company enlarged operations.

    He said the strategic goal of the company is to become the number one insurance firm in Nigeria in terms of growth and profitability.

    He assured that new investments in technologies would help the company to eliminate delay in its processing and focus more on customer satisfaction.

    At a meeting with shareholders, Ogunbiyi reassured them of the board and management’s commitment to sustainable growth, in line with its five-year strategic plan.

    Last year, Mutual Benefits Assurance started the implementation of a five-year plan to reposition it.

    The plan focused on four key areas of the group’s business, including deepening market penetration and customer acquisition, customer service delivery excellence, transformation of its people and culture and operational effectiveness.

    Ogunbiyi noted that the 2017 business year showed the resilience of the company with 15.6 per cent growth in gross premium to N14.04 billion in 2017 from N12.14 billion in 2016, which placed the company among the top insurance firms. Net benefits and claims grew by 53.9 per cent while the company recovered from a loss of N1.35 billion in 2016 to a profit of N1.02 billion in 2017.

    According to him, the significant growth in gross premium and better management of resources made 2017 a turnaround year for the company.

    He pointed out that the company had demonstrated its commitment to shareholders through the payment of N160 million dividend for the 2017 financial year, assuring that the latest dividend would mark the beginning of consistent dividend payments.

  • Mutual Benefits closes N2b rights issue

    ApplicationS for the N2 billion rights issue by Mutual Benefits Assurance Plc closed at the weekend.

    Receiving agents are expected to collate and submit subscriptions to the offer within the next two weeks.

    Mutual Benefits Assurance offered four billion ordinary shares of 50 kobo each to existing shareholders at 50 kobo per share. The rights issue was provisionally allotted on the basis of one new ordinary share of 50 kobo each for every two ordinary shares held as at the close of business on November 1, 2017.

    Application list for the rights issue opened on Monday, August 6, 2018 and closed on Friday, September 14.

    The board of the insurance company said the net proceeds of the rights issue would be used to deepen the capital base of the company and enhance its ability to create more wealth for shareholders.

    Mutual Benefits Assurance Plc Chairman, Dr. Akin Ogunbiyi, said the net proceeds of the rights issue would be used to finance the company’s growth plan including provision of additional working capital and expansion of information and communication technologies to support the company enlarged operations.

    He said the strategic goal of the company is to become the number one insurance company in Nigeria in terms of growth and profitability.

    He assured that new investments in technologies would help the company to eliminate delay in its processing and focus more on customer satisfaction.

    Addressing shareholders recently, Ogunbiyi reassured shareholders of the commitment of the board and management of the company to sustainable growth, in line with its five-year strategic plan.

    Mutual Benefits Assurance had in 2017 started implementation of a five-year strategic plan aimed at repositioning it for future opportunities and challenges.

    The five-year plan focused on four key areas of the group’s business including deepening market penetration and customer acquisition, customer service delivery excellence, transformation of it people and culture and operational effectiveness.

    Ogunbiyi noted that the 2017 business year showed the resilience of the company with 15.6 per cent growth in gross premium to N14.04 billion in 2017 from N12.14 billion in 2016, which placed the company among the top Nigerian insurance companies. Net benefits and claims grew by 53.9 per cent while the company recovered from a loss of N1.35 billion in 2016 to a profit of N1.02 billion in 2017.

    According to him, the significant growth in gross premium and better management of resources made 2017 a turnaround year for the company.

    He pointed out that the company has demonstrated its commitment to shareholders through the payment of N160 million dividend for the 2017 financial year, assuring that the latest dividend would mark the beginning of consistent dividend payments to shareholders.

  • Mutual Benefits assures shareholders

    The board of directors of Mutual Benefits Assurance Plc has assured shareholders that the net proceeds from the ongoing supplementary share issue would be used to deepen the capital base of the company and enhance its ability to create more wealth for shareholders.

    Mutual Benefits Assurance is offering 4.0 billion ordinary shares of 50 kobo each to existing shareholders at 50 kobo per share. The rights issue has been provisionally allotted on the basis of one new ordinary share of 50 kobo each for every two ordinary shares held as at the close of business on November 1, 2017.

    Application list for the rights issue opened on Monday August 6, 2018 and will close on Friday, September 14, 2018.

    Chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi, said the net proceeds of the rights issue would be used to finance the company’s growth plan including provision of additional working capital and expansion of information and communication technologies to support the company enlarged operations.

    He said the strategic goal of the company is to become the number one insurance company in Nigeria in terms of growth and profitability.

    He assured that new investments in technologies would help the company to eliminate delay in its processing and focus more on customer satisfaction.

    Addressing shareholders recently, Ogunbiyi reassured shareholders of the commitment of the board and management of the company to sustainable growth, in line with its five-year strategic plan.

    Mutual Benefits Assurance had in 2017 started implementation of a five-year strategic plan aimed at repositioning it for future opportunities and challenges.

    The five-year plan focused on four key areas of the group’s business including deepening market penetration and customer acquisition, customer service delivery excellence, transformation of it people and culture and operational effectiveness.

    Ogunbiyi noted that the 2017 business year showed the resilience of the company with 15.6 per cent growth in gross premium to N14.04 billion in 2017 from N12.14 billion in 2016, which placed the company among the top Nigerian insurance companies. Net benefits and claims grew by 53.9 per cent while the company recovered from a loss of N1.35 billion in 2016 to a profit of N1.02 billion in 2017.

    According to him, the significant growth in gross premium and better management of resources made 2017 a turnaround year for the company.

    He pointed out that the company has demonstrated its commitment to shareholders through the payment of N160 million dividend for the 2017 financial year, assuring that the latest dividend would mark the beginning of consistent dividend payments to shareholders.

  • Mutual Benefits to raise N2b through rights issue

    Mutual Benefits Assurance Plc has secured Securities and Exchange Commission’s (SEC’s) approval to proceed with plans to raise N2 billion through right issue towards its five-year strategy plan.

    The Assurance firm will be selling shares to existing shareholders by way of rights issue of 4,000,000,000 ordinary shares of 50 kobo each at 50 kobo per share on the basis of one new ordinary shares.

    Shareholders of the company have approved the Board of Directors’ proposal to raise additional equity at an Annual General Meeting (AGM) in Ibadan.

    Acceptance list for the rights issue opens on Monday, 6, August 2018 and will close on Friday 14, September 2018. The Rights being offered are tradable on the floor of The Nigerian Stock Exchange (NSE) for the duration of the Issue. The company also held its completion board meeting shortly after the AGM in Ibadan.

    Speaking at the board meeting, its Chairman, Dr. Akin Ogunbiyi said the proceeds of the offer will be used to fund the company’s recapitalisation and growth plan, provision of additional working capital and financing the expansion of IT facilities to support its enlarged operations.

    He further stated that the company’s financial performance for full year ended 31, December 2017, showed that topline growth was combined with prudent management of expenses, which resulted in a 224.9 per cent growth in profit before tax to N1.34 billion in 2017 from a loss position of N1.1 billion in 2016.

    He said: “The Group’s total assets grew by 12.1 per cent from N51.5 billion in 2016 to N57.7billion in 2017. Gross premium written also appreciated by 16 per cent, from N12.14 billion in 2016 to N14.03 billion while underwriting income also grew by 10 per cent to N11.78 billion in 2017 versus the 2016 figure of N10.70 billion.

    “Net claims paid by the Group in 2017 stood at N5.15 billion from N3.35 billion in 2016, resulting in a 54 per cent increase from the previous year,” he added.

     

  • ‘Mutual Benefits returns to profitability

    Mutual Benefits Assurance Plc has returned to profitability after a foreign loan denominated in dollar and obtained by the company plunged it into a loss, Chairman of the company, Akin Ogunbiyi,  has said.

    He spoke at the 22nd Annual Thanksgiving Service in Ikeja, Lagos. He promised to reward its shareholders soon.

    Ogunbiyi said the previous year was very tough for operators, but  despite this, the company was  able to return to profitability.

    He said despite the tough businness environment, the company would soon be among the first that will release its financial statement and from the figures, they are back to profitability.

    ‘’Twenty  years after, the company still stands,despite recapitalisation and tough operating environment. Last year was tough for everybody, but as tough as it was, we are able to return to profitability’’, he said.

    Mutual Benefits Managing Director, Segun Omosehin, said the company will soon reward shareholders.

    He stressed that the management of the company has been making efforts to increase its top line and bottom line, a feat that was achieved in the outgone year.

    He said though the insurer’s 2017 audited account was yet to be out, there were positive signs that there were  better days ahead for the shareholders  and customers.

    “We are hopeful that by the time our audited account is out, we will make our stakeholders smile, especially our shareholders who have stood by us for years, during the trying time. We will make them smile soon. The thanksgiving service was a day set aside by the organisation to thank God for his mercy in the lives of its customers, the management and the entire staff of the company in the outgone year”.

    He promised the customers as well as partnering broking firms better service delivery in the current year, stating that Mutual Benefits has lots of products and service to meet the needs of insurable Nigerians.

    Meanwhile, at the event, about 86 workers of Mutual Benefits Assurance PLC were rewarded for their dedication and loyalty. The beneficiaries who were given long service award, are staff woekers who have stayed between five and 20 years,  while 22 workers were retail award recipients.

    Speaking on this development, Omosehin said the award was to recognise committed colleagues who have worked with the company for between five and 20 years.