Mutual Benefits Assurance profit crashes by 266%, post NGN1.3 billion loss in 2016

International Breweries

Mutual benefits Assurance PLC saw one of the worst years in its operations as the company reported NGN1.3 billion loss against NGN812.0 million profit recorded in 2015.

The massive crash in profitability into loss represents 266% fall on a year on year comparison.

The company ended the last quarter of the financial year 2016 with NGN12.1 billion gross premium written against NGN15.1 billion recorded same period 2015.

The insurance company recorded NGN11.9 billion gross premium income in the period under review against NGN13.8 billion recorded in the fiscal year 2015. its reinsurance for the period was NGN1.7 billion in 2016 against NGN6.0 billion recorded in 2015, leaving its net premium income at NGN10.2 billion against NGN7.7 billion recorded in the year before.

According to the report, its net underwriting income for 2016 was  NGN10.7 billion against NGN8.3 billion recorded in the previous year. Its underwriting profit for the period increased by 16% to NGN4.1 billion against NGN3.6 billion posted in 2015 while its result from operating activities showed a loss of NGN1.1 billion against NGN 975.2 million profit recorded in 2015.

The company recorded NGN1.0 billion loss before tax in the period under review against NGN1.1 billion profit recorded in the year before. After settling its tax expenses for the period, the loss for the year was NGN1.3 billion against NGN812.0 million profit recorded in 2015, which represents 266% fall year on year comparison.

Total asset at the end of the period rose to NGN51.4 billion against NGN46.0 billion acquired in 2015. Its total liabilities was NGN44.4 billion versus NGN38.4 billion recorded in 2015.

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Company Information

Mutual Benefits Assurance Plc (MUTUAL), has evolved into a conglomerate consisting of value-adding companies with diverse interests in various sectors of the Nigerian economy through investments, strategic alliances and partnerships. Today, MUTUAL is a leading brand in the Nigerian Insurance industry with over 5,000 staff in its employment.

MUTUAL is strong, well capitalized with a team of highly trained professionals, a respectable Board and access to the International Insurance Market. It is is the flagship of insurance in Liberia and also runs a full-fledged insurance operation in Republic of Niger, where we commenced business in January, 2014.