Mutual Benefits Assurance Plc, has recorded an increase in gross premium written for year ended December 31, 2020 to N20.194 billion from N18.698 billion in 2019.
In the same vein, the company’s gross written premium for Q4 2020 rose tonN5.378 billion from N4.944 billion recorded in the corresponding period of (Q4 ) 2019.
While profit after tax rose by 104.5 percent to N2.155 billion in Q4 from N1.054 billion in 2019, it rose lower by 25.9 percent to N4.548 billion in full year from N3.612 billion in 2019
The company planned to meet the recapitalisation through a sum of N4.8billion through private placement
At the company’s Extra Ordinary General Meeting held last December, its Board of Directors secured the approval of its shareholders to sell 8,888,888,889 ordinary shares of 50 kobo each at 54 kobo per share.
Among the shareholders that have indicated interest to take up the private placements are Charles Enterprises and Arubiewe Farms Limited.
Chairman of the firm, Akin Ogunbiyi, said given the impact of the COVID-19 pandemic on the world economies and the negative investors’ sentiments in the stock market, the company has decided to raise more capital required by way of private placement of its shares to some substantial investors who have indicated their readiness to commit further investment into the company to meet the new minimum regulatory capital.
Managing Director of Mutual Benefits Assurance Plc, Femi Asenuga assured shareholders that the company would reward shareholders for their support and patronage in the new year.