Prime Business Africa
Mutual Benefits Assurance’s revenue grew by 3 percent to N42.25 billion in the first half (H1) of 2026, exceeding the N41.19 billion generated in H1 2025.
The company’s insurance service expense outstripped turnover, soaring by 39 percent to N40.86 billion in the first half of this year, compared to the N29.49 billion expended in the same period in 2025.
Join our WhatsApp ChannelAnalysis of the company’s financial statements for the period ended June 30, 2026, showed that insurance service result before reinsurance contracts held decreased by 88.15 percent year-on-year, from N11.70 billion to N1.38 billion.
However, Mutual Benefits recovered from the N3.72 billion net expense from reinsurance contracts held in H1 2025 to post N3.24 billion net income from reinsurance contracts held in H1 2026.
This was, however, not enough to prevent the company’s insurance service result from declining by 42 percent to N4.63 billion in the first half of 2026, below the N7.97 billion earned in the first six months of last year.
Profit on investment contracts contributed N1.97 billion to Mutual Benefits earnings between January and June 2026, down by 4.96 percent when compared to the N2.08 billion recorded in H1 of the year before.
Also, the company suffered a N596.38 million net foreign exchange (FX) loss during the period under review, failing to recover from the N368.25 million FX gain recorded in the first half of 2025.
Mutual Benefits also saw a reduction in other investment income, which raked in N5.88 million between January and June 2026, compared to the N10.63 million in H1 2025, representing a 44.66 percent decline.
This led to net investment income declining to N7.36 billion in the first half of this year, falling by 1 percent below the N7.43 billion reported in the same period in 2025.
Also, net finance expenses from insurance contracts issued rose by 38.14 percent year-on-year, from N1.19 billion to N1.65 billion, while net finance income from reinsurance contracts held increased by 365.74 percent, from N198.80 million to N925.89 million.
This enabled Mutual Benefits to reduce its net insurance finance expenses by 27.10 percent to N727.70 million during the period under review, compared to the N998.27 million posted in H1 2025.
However, net insurance and investment results dropped to N11.26 billion in H1 2026, down by 22 percent when compared to the N14.40 billion recorded between the first quarter (Q1) and the second quarter (Q2) of last year.
Consequently, Mutual Benefits’profit before tax (PBT) fell to N10.35 billion in the first half of this year, below the N12.28 billion reported in H1 2025, indicating a 16 percent decline.
In response, the company’s income tax declined by 13.35 percent to N599.24 million in the first six months of 2026, compared to the N691.56 million filed in the corresponding period in 2025.
Following the tax deduction, Mutual Benefits reported N9.75 billion in the first half of 2026, down by 16 percent when compared to the N11.59 billion posted in H1 of the previous year.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
