By Rosemary Iwunze

Mutual Benefits Assurance Plc has grown insurance revenue by 68 per cent to N66.92 billion in 2024 from  N39.92 billion recorded in 2023.

Chairman of the company, Dr. Akin Ogunbiyi, who disclosed this at the company’s annual general meeting in Lagos, stated that the growth reflects expanding market share and effective client  retention strategies of the company.

He stated: “We also demonstrated our   commitment to fulfilling our obligations to policyholders, settling claims amounting to    N29.084 billion, a 53 per cent increase on the N18.99 billion settled in 2023. Our Profit before Tax  (PBT) surged to N12.042billion, an impressive 92% increase from N6.28 billion in 2023. This growth was driven by prudent expense management, effective underwriting, and  strategic investments that yielded favorable returns in a volatile environment.”

According to Ogunbiyi, the Board  recommended a dividend of two kobo per share for  the 2024 financial year. “This reflects our continued commitment to rewarding shareholder confidence and participation, while  also ensuring a prudent balance between current returns and future growth. We are optimistic that, with strengthened capital and strategic  execution, dividend payouts will grow in the  years ahead further enhancing shareholder  value and helping sustain our market capitalization.”

On outlook for 2025 and beyond, Ogunbiyi said that they remain cautiously optimistic about the opportunities and challenges that lie before them.

Also speaking, Managing Director of the company, Mr.  Olufemi Asenuga stated that the 2024 results underscore the company’s stability and   outstanding customer service solutions.