Dr Akin Ogunbiyi, chairman of Mutual Benefits Assurance Plc, stated that the capital infusion of N4.80 billion resulted in a 22% growth in the firm’s total assets from N67.78 billion in 2019 to N82.87 billion in 2020.
Ogunbiyi revealed this at the company’s 25th annual general meeting (AGM), which was held virtually, and noted that total equity increased by 70% from N14.53 billion in 2019 to N24.69 billion in 2020.
He stated that the insurer generated N19.98 billion in gross premium written in 2020, representing a 7% increase and that the success was principally driven by a 12% increase in the firm’s non-life insurance sector.
He claimed that non-life had increased from N10.17 billion in 2019 to N11.35 billion in 2020. Ogunbiyi also stated that the group’s net premium income increased by 5% from N15.29 billion in 2019 to N16.08 billion in 2020, even though an unfavourable claims experience resulted in a 32% decrease in underwriting profit from N5.40 billion in 2019 to N3.68 billion in 2020.
He emphasized that the decrease in underwriting profit was compensated by excellent investing operations and enhanced cost management, resulting in a 34% increase in Profit before Tax.
He believes that 2021 will provide another opportunity to build on the significant strides made in becoming the one-stop-shop for the supply of financial services solutions in all of the company’s countries of operation; even though the business environment remained difficult owing to economic uncertainty.
He emphasized that the company’s diversified business model, strong capital position, and highly qualified and committed personnel will create a solid foundation for profitable and resilient growth.