Mutual Benefits Assurance Plc has recorded a growth in its gross premium written, which surged by 77 per cent to N39.3bn in the first half of 2024, up from N22.16bn reported in the same period of 2023.

The company’s unaudited financial statements for the period ended June 30, 2024, and filed on the Nigeria Exchange Limited on Thursday, revealed that insurance revenue grew by 40 per cent to N28.49bn from N20.42bn in the corresponding period of 2023.

Similarly, net investment income rose by 215 per cent to N6.16bn, compared to N1.95bn recorded in the first half of the previous year.

However, insurance service expenses also increased significantly by 54 per cent to N25.75bn, up from N16.68bn in the first half of 2023, reflecting higher claims and operational costs.

Despite the rising expenses, Mutual Benefits posted a profit before tax of N3.17bn, marking a 42 per cent increase from the N2.23bn recorded in the corresponding period of 2023. Profit after tax stood at N2.45bn, representing a 32 per cent rise from N1.85bn reported a year earlier.

The company’s total comprehensive income for the period jumped by 114 per cent to N10.33bn from N4.82bn in the same period last year, reflecting gains from foreign exchange transactions and investment income.

Further analysis of the financial position showed that total assets grew by 19 per cent to N131.8bn as of June 30, 2024, compared to N110.45bn recorded at the end of December 2023. Shareholders’ funds also improved by 31 per cent, rising from N27.57bn to N36.05bn within the six-month period.

Meanwhile, total liabilities increased by 14 per cent to N91.48bn, up from N80.45bn as of December 2023, while insurance contract liabilities grew by 28 per cent to N41.82bn from N32.76bn.

The company also recorded an improvement in its earnings per share, which rose from nine kobo in the first half of 2023 to 12 kobo in the first half of 2024.