By Favour Nnabugwu
Mutual Benefits Assurance Plc has sai the company’s total assets rise by 22 percent to N82.87 billion in 2020 from N67.78 billion in 2019, following the capital injection of N4.80 billion
The company also recorded 70 per cent rise in total equity from N14.53 billion in 2019 to N24.69 billion in 2020 while it generated N19.98 billion gross premium written in 2020, which amounted to a growth of the seven per cent.
The Chairman of the Company, Dr. Akin Ogunbiyi, disclosed this at the company’s 25th Annual General Meeting (AGM) held virtualy, adding that in spite the headwinds posed by COVID-19 pandemic, the group gross premium written (GPW) moved from N18.70 billion in 2019 to N19.98 billion in 2020.
He said the performance was largely driven by a 12 per cent growth in the firm’s non-life insurance business, which moved from N10.17 billion in 2019 to N11.35 billion in 2020.
Dr. Ogunbiyi maintained that the group also recorded a five per cent increase in net premium income from N15.29 billion in 2019 to N16.08billion in 2020.
He posited that an adverse claims experience resulted in a 32 per cent decline in underwriting profit, from N5.40 billion in 2019 to N3.68 billion in 2020.
The MBA Plc Chairman, noted that the drop in underwriting profit was offset by impressive investing activities and improved cost controls, leading to a 34 per cent rise in Profit before Tax..
Ogunbiyi said 2021 presents another opportunity to consolidate on the tremendous feats made towards becoming the one-stop shop for provision of financial services solutions in all the company’s countries of operations.
He maintained that even as the business environment remains challenging due to economic uncertainty, the firm’s diversified business model, strong capital position and highly qualified and committed
employees, provide the solid base for profitable and resilient growth.
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