Recapitalisation spurs underwriters’ pursuit of returns

The ongoing recapitalisation exercise in the insurance sector may be getting the required boost as insurers express commitment to the exercise and strengthen their pursuit of returns on investments.

Already, they have explained that a process is a form of a corporate reorganisation, which involves making substantial changes to a company’s capital structure.

It is one of the strategies companies use to improve their financial stability.

Currently, the insurance industry, post recapitalisation, is expected to be robust and capable of taking big risks, as well as contribute meaningfully to the nation’s Gross Domestic Product.

The Chairman, Mutual Benefits, Dr. Akin Ogunbiyi, expressed the sentiments at the company’s 24th Yearly Thanksgiving Service in Lagos, which was attended by staff, families and friends, where prayers were also made for this year’s businesses operations and its stakeholders.

“The board is determined to ensure that your company and its life subsidiary meet the new capital requirement ahead of the June 2020 deadline.

“Resolutions have been proposed to increase the authorised share capital from N10 billion N15 billion and also to authorise the directors to raise additional capital for the company to ensure that the company and its life subsidiary meet the new capital requirement,” he said.

The event was also used to reward no fewer than 75 members of staff for their dedication and commitments to the growth of the company.

He applauded all the awardees for their dedication to work and keying into the mission and vision of the company to be a top insurer of choice in Nigeria, urging other staff to emulate the efforts.

While imploring the awardees not to relapse, he charged all to increase their productivity in a bid to further grow the bottom line of the underwriting firm.

“Looking back to what God has done for us, it is essential to start the year with a thanksgiving service like this. The last 24 years are full of testimonies.

“The company still remain solid and one of the top players in the insurance industry. So, we need to thank God for this, while praying for his continuous support in the life of this company,” he said.

The Managing Director, Mutual Benefits Assurance Plc, Femi Asenuga, said the management of the company was making numerous efforts to increase its top line and bottom line, adding that, there are positive signs that better days lie ahead for the shareholders, customers and relevant stakeholders.

Also, 62 Staff, who have spent between five to 20 years in the employment of the company, went home with Long Service Award, while 13 staff were Retail Award recipients.