Mutual Benefits Life Assurance PLC, a major life and general insurance provider said its net profit fell by 85.4% in the first half of the year. On the top line, Mutual Benefits’ gross premium for the period fell to NGN6,3 billion from NGN10 billion reported last year.
The company also paid less premium to its re-insurers within the period under review. Premium to re-insurers fell to NGN888 million compared to NGN2,5 billion ceded to re-insurers in the same period last year.
A major let down in its books is that Mutual Benefits expended more funds for underwriting expenses in the first half of this year even when its gross premium was lesser than it received last year.
The company spent NGN1,2 billion on underwriting expenses versus NGN949 million spent last year. As a going concern the asset
As a going concern, the company’s total asset at the end of the period was NGN47,9 billion compared to its total liabilities put at NGN39,8 billion.
