Despite the hard economic situation ravaging the operating environment in the country, Mutual Benefits Assurance along with its subsidiary said N25.63 billion was paid to its policyholders as claims in the first nine months of the year.

The underwriter expressed commitment to its policyholders, setting itself apart as a trusted provider in a turbulent market environment. The claim breakdown, according to the underwriter, shows that the general business arm paid out N7.14 billion. In contrast, the life business arm paid out N18.49 billion, made up of a total of N12.06 billion on deposit administration and N6.42 billion on insurance contracts.

A further breakdown of the general business claims shows that the company paid N1.77 billion for motor business, followed by N1.38 billion on fire. Others are general accidents (N1.33 billion), marine (N1.16 billion), and aviation (N715.81 million) among others.

The Managing Director/Chief Executive Officer, Femi Asenuga, underscored the firm’s strong financial management capability, stressing its dedication to building customer trust and adapting to the dynamic needs of the Nigerian economy.

He said: “By consistently meeting claims obligations, we have built trust with policyholders, which has not only increased customer loyalty and retention but has also brought us new clients.

“What we have done is to ensure we provide excellent customer service through our processes. This has enhanced client satisfaction and fostered long-term relationships that have remained critical for retention in tough economic situations like this.”

The Managing Director/Chief Executive Officer, Mutual Benefits Life Assurance Limited, Biyi Ashiru-Mobolaji, said the major revenue sources are from group life insurance, with claims of N5.21 billion, and individual life business with claims amounting to N994.39 million in the nine months under review.