Prime Business Africa
Over N60.85 billion was generated as revenue by Mutual Benefits Assurance Plc between the first quarter (Q1) and the third quarter (Q3) of 2025, exceeding the N44.34 billion recorded in the same period in 2024, representing a 37 percent growth.
The company’s insurance service expense also grew in twofold or 17 percent year-on-year, from N42.02 billion to N48.96 billion, according to the Mutual Benefits’ unaudited consolidated and separate financial statements for the year ended September 30, 2025.
Join our WhatsApp ChannelIn the financial statements, the insurer said it earned N11.88 billion from insurance service result before reinsurance contracts held between January and September of this year, representing a 412.07 percent growth, when compared to the N2.32 billion posted in 2024.
In addition, net expenses from reinsurance contracts held decreased by 22.49 percent to N2.52 billion during the reviewed period, from N3.26 billion recorded in the first nine months of last year.
However, Mutual Benefits recovered from a N940,11 million insurance service loss recorded between Q1 and Q3 2024, after posting a N9.36 billion insurance service result during the corresponding period in 2025.
Also, net foreign exchange gains dropped to N192.28 million between January and September this year, compared to the N5.67 billion recorded in 2024, indicating a 96.61 percent decline.
For net investment income, Mutual Benefits announced a 5 percent year-on-year growth, from N10.92 billion to N11.51 billion.
The company also reported an upward movement in its net insurance and investment results, which rose to N18.59 billion in the first nine months of 2025, compared to the N8.88 billion achieved in the same period in 2024, reflecting a 109 percent growth.
Similarly, Mutual Benefits recorded a 153 percent growth in its profit before tax (PBT), as it increased to N15.28 billion between Q1 and Q3 2025, exceeding the N6.03 billion earned in the corresponding period last year.
The insurer said income tax expense dropped to N999.63 million during the period under review, falling below the N1.40 billion paid as taxes in 2024, indicating a 28.91 percent decrease.
This helped Mutual Benefits’ bottom line, as profit after tax (PAT) surged by 208 percent, from the N4.62 billion notched up between January and September 2024, to N14.28 billion recorded in the first nine months of this year.
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