Mutual Benefits records N14 billion underwriting income

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

According to the company’s Head of Corporate Communication, Ellen Offor, the audited account released on the floor of the Nigerian Stock Exchange (NSE), showed that the company 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 per cent increase from 2017 figure of N1.02 billion.

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

Mutual Benefits also paid claims worthy 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.

The Managing Director of the company, Segun Omosehin, said the claims paid shows commitment to meeting the obligations to customers, as the company has put in place systems and processes to ensure efficient claims service delivery.

“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.

“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 said.