Mutual Benefits Assurance to raise N2bn on rights issue

Mutual Benefits Assurance Plc has announced plans to raise additional capital of N2billion through right issue to boost operation and grow market share.

The issue expected to come November 2017 will enable the company strengthen its capacity for bi ticket risks and as well as competitiveness, Segun Omosehin, managing director Mutual Benefits Assurance plc, said.

Speaking at the dinner organised by Mutual Benefits Assurance Plc and its subsidiary  Mutual Benefits Life Assurance Ltd  in honour of their valued clients, held in Lagos, Omosehin said the company will continue to focus on innovation, adding that they want to do those things that are not ordinary that will excite consumers.

He said the company is open to new ideas and innovations that can help improve the market and the company’s bottom line.

“If you think of those news things that you want to introduce to the market, then you better be talking to us because that’s what we are interested in.”

He said that the company’s quest for innovation has earn it more awards such as the African Insurance Organization (AIO) “Most innovative Company awards” in Africa and last month they won “Inter-switch most innovative insurance Company awards”. He said these awards were won by the company due to its unique way of doing business in Nigeria and Africa.

According to him not much will be achieved if the industry and its players continue to do things the normal way, adding that when innovation and creativity is introduced to the business the much desired results will be achieved.

On claims payment he said that claims has been on the increase since early 2016 till date, the company in the past nine months of 2017 has paid a total of N12.6 billion as claims both for general and life business.

He gave the breakdown as follows: N1.7billion paid out on general business; for death at total of N1.5 billion was paid out and for maturity and surrenders including deposit admin the company paid N9.4billion to its customers.

He assured that the company is committed to keeping to the promise of prompt claims settlement to their customers.

Speaking further, the chairman of the company Akin Ogunbiyi, said that Mutual Benefits is an institution and a company that has come to stay in Nigeria and Africa. “When we started some 22 years ago, we started small but today we have moved from small player to big player when it comes to insurance business both in Life and General business in Nigeria and Africa.”