Dr Akin Ogunbiyi
The Chairman of Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi, has announced that the company has no plans to acquire any firm, even as the Consolidated Insurance Bill, which is expected to raise capital requirements for the sector, approaches passage into law.
Speaking at the company’s 29th annual thanksgiving service, Ogunbiyi revealed that Mutual Benefits Assurance is instead embarking on a strategic investment in the oil and gas sector. He assured shareholders and policyholders that the company is well-prepared for a seamless recapitalization process, should the National Insurance Commission (NAICOM) raise the capital bar this year.
Strategic Investments for Future Growth
Ogunbiyi expressed optimism about the company’s strategic investments, particularly in oil assets, which he said are already in production. “Two years from now, with our strategic investment in oil assets, which have gone into production, the underwriter will be the biggest insurance company in the industry. Apart from the substantial investment, the company is equally the financier of the assets,” he said.
The chairman explained that the decision to invest in oil assets was made with the permission of NAICOM and is aligned with the company’s goal of identifying long-term investments that align with its life fund strategy. “From the little effort we have been making, we had to look for a commensurate long-term investment we can do with life fund. We are optimistic that we will keep growing. And with the impact the assets will have on our balance sheet, the blue sky will not limit us,” Ogunbiyi added.
Financial Performance Despite Economic Challenges
The Managing Director/Chief Executive Officer of Mutual Benefits Assurance Plc, Femi Asenuga, highlighted the company’s resilience amid Nigeria’s challenging economic environment. He disclosed that the company’s gross premium written grew significantly to approximately N40 billion in 2024, up from about N23 billion recorded in the previous year.
This impressive growth, Asenuga noted, is a testament to the company’s effective strategies and commitment to delivering value to its stakeholders.
Prepared for Recapitalization
On the looming capital requirements tied to the anticipated passage of the Consolidated Insurance Bill, Ogunbiyi reassured stakeholders of the company’s readiness. “The insurer would have a seamless recapitalization exercise if the regulator decides to raise the bar this year,” he stated.
A Vision for Leadership in the Insurance Industry
With its strategic investments and financial growth, Mutual Benefits Assurance is positioning itself as a leader in Nigeria’s insurance sector. Ogunbiyi emphasized that the company’s focus on innovation, long-term investments, and strategic growth would enable it to achieve its vision of becoming the industry’s largest and most trusted underwriter.
As the company forges ahead with its plans, industry stakeholders are watching closely to see how these strategic moves will shape the future of Mutual Benefits Assurance and Nigeria’s broader insurance landscape.
