Mutual Benefits Assurance Plc recorded a 92 per cent rise in its 2024 full-year profit, growing to N11.32bn from N5.89bn in 2023.
According to its audited results filed with the NGX, the growth was driven by strong investment returns and a reversal in reinsurance losses.
Insurance revenue rose 68 per cent to N66.92bn from N39.92bn, while net investment income surged 163 per cent to N15.74bn.
The company posted a reinsurance gain of N2.30bn, compared to a loss of N2.28bn in 2023. However, insurance service expenses more than doubled to N68.14bn.
Despite a 78 per cent decline in insurance service results, net insurance and investment results rose by 67 per cent to N15.36bn.
Total comprehensive income for the year stood at N24.78bn, up 124 per cent from N11.06bn in 2023.
Total assets increased by 33 per cent to N147.13bn, and shareholders’ funds rose by 82 per cent to N50.27bn.
Earnings per share climbed to 54 kobo, from 29 kobo the previous year.
The firm’s gross premium written rose 77 per cent to N39.3bn in H1 2024.
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