Mutual Benefits’ capital base hits N20bn


Mutual Benefits Assurance Plc said the group’s capacity to underwrite bigger insurance risks has continued to increase as its capitalisation has reached N20bn.

The Chairman of the company, Dr Akin Ogunbiyi, said this during the group’s 26th annual thanksgiving service in Lagos.

He said that Mutual Benefits Life Assurance Limited is now recapitlised to the tune of N8.8bn while Mutual Benefits General is capitalised to about N12bn, bringing the total capitalisation of the group to over N20bn.

“We have fully recapitlised as far back as December 2020. Our Mutual life is recapitlised to the tune of N8.8bn and our general business is about N12bn. So, we are fully recapitalised,” he said.

While disclosing that the company is working on a five-year plan tagged ‘Project one reloaded’ to become the leader in five critical areas in insurance industry, he said that Mutual Benefits is currently leading the insurance industry in the area of customer service.

He promised to extend this feat to other areas, such as gross premium income, profitability, among others.

During the thanksgiving service, 50 employees who have spent between five to 25 years in the employment of the company as well as some outstanding marketers were awarded with long service award.

Ogunbiyi urged the company’s employees to increase their productivity in a to further grow the bottom line of the underwriting firm.