Mutual Benefits’ Capital Base Hits N20bn – Chairman

Mutual Benefits Assurance Plc has announced that the group’s capacity to underwrite bigger insurance risks has increased significantly, with its capitalisation hitting N20bn.

Chairman of the company, Dr. Akin Ogunbiyi, disclosed this during the group’s 26th annual thanksgiving service in Lagos on Sunday.

Ogunbiyi said that Mutual Benefits Life Assurance Limited is now recapitalised to the tune of N8.8bn; while Mutual Benefits General is capitalised to about N12bn, bringing the total capitalisation of the group to  more than N20bn.

According to him, “We have fully recapitalised as far back as December 2020. Our Mutual life is recapitalised to the tune of N8.8bn and our general business is about N12bn. So, we are fully recapitalised.”

While saying that the company is working on a five-year plan tagged ‘Project one reloaded’ to become the leader in five critical areas in the insurance industry, he said that Mutual Benefits is currently leading the insurance industry in the area of customer service.

He promised to extend this feat to other areas, such as gross premium income, profitability, among others.

During the thanksgiving service, 50 employees who have spent between five to 25 years in the employment of the company, as well as some outstanding marketers, were awarded a long service award.

Ogunbiyi urged the company’s employees to increase their productivity a to further grow the bottom line of the underwriting firm.