Mutual Benefits Assurance Plc has paid a total of N5.15 billion to policyholders in the country in efforts to regain confidence in the nation’s insurance sector.
According to the company, the audited financial accounts for the year ended December 2017 with the profit after tax of 176 per cent showed that shareholders of the company stands a chance of getting better investment returns.
The result, which was released on the floor of the Nigerian Stock Exchange (NSE), revealed that profit after tax increased by 176 per cent to N1.02 billion in the 2017 financial year from a loss position of N1.35 billion in 2016.
Gross premium written also appreciated by 16 per cent from N12.14 billion in 2016 to N14.03 billion in 2017, while underwriting income also grew by 10 per cent to N11.78 billion in 2017, against the 2016 figure of N10.70 billion.
The Chairman, Dr. Akin Ogunbiyi, said: “Despite the tough business environment, we have been able to bounce back to profitability and delight our shareholders. Dividend of two kobo per share will be paid to our esteemed shareholders who have stood by us over the years”
The result, which has been approved by the insurance regulator- NAICOM, also showed that the net claims paid by the Group in 2017 stood at N5.15 billion from N3.35 billion in 2016, resulting in a 54 per cent increase from the previous year’s record.
On claims payment in the period under review, the Managing Director, Segun Omosehin, said: “This is an attestation of our firm resolve to consistently honour our obligations to our esteemed customers, while improving our claims’ administration processes and procedures.”
Meanwhile, the recently released 2018 first quarter financial results were also impressive compared to the same period last year.