Mutual Benefit Grows Profit by 92%, Declares Dividend

Mutual Benefit Assurance plc reported a 92% increase in profit before tax for the 2024 financial year compared to 2023. The company also saw a 53% rise in the quantum of claims paid to insured individuals, reaching billions in 2024.

Dr. Akin Ogunbiyi, the Chairman, highlighted this success at the company's 28th Annual General Meeting in Lagos, emphasizing Mutual Benefit's resilience and agility in the face of economic challenges.

The company's insurance revenue grew by 68%, reflecting an expanding market share and a commitment to providing reliable insurance solutions. Despite economic opportunities and challenges in Nigeria, Mutual Benefit Assurance remains focused on meeting regulatory requirements and ensuring long-term sustainability.

Shareholders were urged to support the company's plans for continued growth and compliance with regulations.