Mutual Benefits returns to profitability, records N692m PBT

Underwriting firm, Mutual Benefits Assurance plc, says it recorded profit before tax of N692 million in 2013 financial period.
The chairman of the company, Akin Opeodu, disclosed this at the firm’s 18th annual general meeting in Lagos. “The Mutual Group has delivered profit before tax of N692 million from a loss position of N2.5 billion in 2012, which represents a 459 percent increase,” he said.
The chairman said its gross premium written grew marginally by 4.37 percent from N5 billion in 2012 to N5.2 billion in 2013, as there was a drop in net premium by 5.3 percent from N4.6 billion in 2012 to N4.4 billion in 2013.
He said the firm recorded an underwriting profit of N1.7 billion in 2013 from N2.6 billion in 2013, saying its investment income increased by 129 percent from N37 million in 2012 to N85 million in 2013, while it recorded profit after tax of N575 million in 2013, from a loss record of N2.7 billion in 2012.
“Our asset base grew from N13.5 billion in 2012 to N14.4 billion in 2013, representing 7 percent growth. Shareholders’ fund grew by 21 percent from N2.7 billion in 2012 to N3.3 billion in 2012,” he said.
He noted that by professionalism, integrity, innovation and entrepreneur spirit, Mutual Benefits businesses, plan alongside the core business of insurance, operate in a broad range of sectors including transportation logistics, real estate, equipment leases, microfinance banking, oil and gas.
“Our philosophy remains using insurance to create value, harness and drive growth opportunities within the formal sector,” he said.
According to him, the firm’s partnership and strategic alliance approaches allowed it to combine skills, knowledge and operational expertise to support the creation and growth of new and existing markets.
He said their goal was to provide quality products and services that will empower and inspire its customers, and it had remained true to this vision.