Prime Business AfricaMutual Benefits Assurance has reported revenue of N41.19 billion in the first half (H1) of 2025, above the N28.49 billion generated as turnover in H1 2024, representing a 45 percent increase.
Also, service expense increased by 15 percent year-on-year, according to the company’s unaudited consolidated and separate financial statements for H1 2025, from N25.75 billion to N29.49 billion.
Join our WhatsApp ChannelConsequently, Mutual Benefits reported N7,97 billion as insurance service result during the period under review, compared to the N644.38 million service loss recorded in the corresponding period last year.
The earnings report also disclosed that the company’s net expenses from reinsurance contracts held rose from N3.38 billion in the first half of 2024 to N3.72 billion in the same period this year, indicating an increase of 10 percent.
In the financial statements, Mutual Benefits said net investment income grew by 21 percent to N7.43 billion in H1 2025, compared to the N6.15 billion posted in the first half of 2024.
Furthermore, the insurer reported a 188 percent growth in net insurance and investment results, which increased from N5 billion in H1 2025 to N14.40 billion in H1 last year.
Profit before tax (PBT) also grew threefold, after rising to N12.28 billion in the first half of this year, compared to N3.16 billion, indicating a growth of 288 percent.
Mutual Benefits also filed N691.56 million as income tax during the period under review, compared to the N722.55 million paid in the first half of 2024.
The 4.28 percent decline in income tax contributed to the profit after tax (PAT) rising by 374 percent year, from N2.44 billion to N11.59 billion.
In addition, total assets increased by 12 percent year-on-year to N164.21 billion, from N147.13 billion, and total liabilities increased by 6 percent from N92.34 billion to N97.69 billion.
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