‎Mutual Benefits Assurance Plc and its life subsidiary have paid a cumulative N35.3 billion in insurance claims by the end of the third quarter of 2025.
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The figure represents cumulative claims settled between January and September 2025 across both the non-life and life businesses. Of the total, the non-life arm paid N18.56 billion, while the life subsidiary settled ₦16.79 billion in insurance and investment-related claims.
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Managing Director/Chief Executive Officer of Mutual Benefits Assurance Plc, Femi Asenuga, said the Q3 performance reflected the company’s commitment to standing by policyholders regardless of prevailing economic pressures. He noted that the amount paid by the end of the third quarter exceeded claims paid in any single year in the company’s history.
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“When people buy insurance, what they are really buying is confidence that someone will show up when things go wrong. Paying N35.3 billion in claims by Q3 is our way of showing that we take that responsibility seriously,” Asenuga said.
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A breakdown of the non-life portfolio showed that aviation-related incidents accounted for N2.24 billion in claims, while engineering claims stood at N1.23 billion. Fire losses amounted to N2.30 billion, general accident claims N2.60 billion, and marine claims N1.34 billion. Motor insurance claims reached N3.79 billion, reflecting rising vehicle repair and replacement costs.
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The company also paid N5.02 billion in oil and gas claims, alongside bond claims of N2.46 million and agriculture-related claims of N712,500, providing support to key sectors of the economy.
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On the life insurance side, group and credit life claims totalled N5.41 billion, protecting employers, lenders and dependants from sudden financial loss. Individual death claims amounted to N907 million, while annuity payments of N31 million provided steady income for retirees.
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Mutual Benefits Life Assurance Ltd. also honoured investment obligations, paying N7.08 billion in maturity claims, N2.93 billion in surrender claims and N413 million in partial withdrawals.
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Managing Director/Chief Executive Officer of Mutual Benefits Life Assurance Ltd., Biyi Ashiru-Mobolaji, said the claims figures reflected more than financial performance. “Every claim represents a promise kept. Whether it is a family receiving support after a loss or a customer accessing long-term savings, our focus is on being dependable when policyholders need us most,” he said.
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The company said the claims payments reinforced its position as a trusted insurer at a time when confidence in financial services remains critical, adding that it remains committed to prompt claims settlement as it enters the final quarter of the year.