Insurer injects capital as asset hits N92.95 billion

Director, Mutual Benefits Assurance Plc, Biyi Ashiru-Mobolaji(left); Managing Director/Chief Executive Officer, Femi Asenuga; Group Chairman, Dr. Akin Ogunbiyi; Company Secretary, Jide Ibitayo and ED, Technical, Joseph Oladokun, at Mutual Benefits Assurance Plc’s 27th yearly general meeting in Lagos.

An underwriting firm, Mutual Benefits Group, said its total assets increased to N92.95 billion at the end of the 2022 financial year.

The chairman of the board, Dr.Akin Ogunbiyi, revealed this during the firm’s 27th yearly general meeting in Lagos. He said despite the challenges faced by business operations, the underwriter’s balance sheet remains robust while the total assets recorded 10.95 per cent growth.

Ogunbiyi maintained that the assets were buoyed by an increase in insurance contract liabilities, which rose by 11.21 per cent from N23.46 billion in 2021 to N26.09 billion in 2022.

Investment contract liabilities grew by 11.02 per cent from N30.18 billion in 2021 to N33.51 billion in 2022.

According to him, shareholders’ funds increased also appreciated by 16.12 per cent from N18.41 billion recorded in 2021 to N21.38 billion.

“Our Group recorded a 14.27 per cent growth in Gross Premium Written from N29.30 billion in 2021 to N33.48 billion in 2022 driven by a 17.29 per cent growth in gross premium written in the life insurance business, from N12.01 billion in 2021 to N14.09 billion in 2022 and a 12.17 per cent increase in our non-life business from N17.28 billion in 2021 to N19.39 billion in 2022,” he said.