Mutual Benefits Assurance Plc and its subsidiary, Mutual Benefits Life Assurance Ltd., have reaffirmed their dedication to policyholders by disbursing a record N34.54 billion in insurance claims for the 2024 fiscal year. The payout highlights the company’s resilience in upholding financial obligations despite Nigeria’s volatile economic climate, marked by inflation and currency fluctuations.
Sector-Specific Breakdown Reflects Broad Coverage
The N34.54 billion total was split between General Insurance (N12.24 billion) and Life Insurance (N22.30 billion), showcasing the insurer’s capacity to deliver across diverse portfolios.
General Insurance Claims
- Oil & Gas: N2.54 billion (highest sector payout)
- Fire Insurance: N2.39 billion
- Motor Insurance: N2.29 billion
- Aviation: N1.70 billion
- General Accident: N1.83 billion
- Marine: N1.30 billion
- Engineering: N785 million
- Agric Insurance: N11 million (lowest non-life payout)
Life Insurance Claims
- Group Life: N7.93 billion (leading category)
- Maturity Claims: N6.75 billion
- Surrender Claims: N4.77 billion
- Individual Death Claims: N1.42 billion
- Credit Life: N279 million
- Annuity Claims: N43 million
- Partial Withdrawals: N1 million
Leadership Emphasizes Reliability and Efficiency
Femi Asenuga, Managing Director/CEO of Mutual Benefits Assurance Plc, underscored the company’s ethos: “Timely claims settlement is non-negotiable. These disbursements solidify the trust millions place in us, even amid macroeconomic headwinds.” Biyi Ashiru-Mobolaji, CEO of Mutual Benefits Life Assurance Ltd., added, “Our streamlined processes ensure policyholders experience minimal delays, reflecting our pursuit of excellence.”
Strategic Positioning for Future Growth
The announcement coincided with the company’s 29th-anniversary celebrations in Lagos, where executives assured stakeholders of readiness for NAICOM’s upcoming recapitalization guidelines. With a fortified balance sheet and strategic investments in high-value oil and gas assets, Mutual Benefits aims to sustain its leadership in Nigeria’s insurance sector while expanding its footprint across West Africa.
The milestone payout not only reinforces customer confidence but also sets a benchmark for industry accountability in challenging times. As economic pressures persist, Mutual Benefits’ performance signals stability in a sector critical to national resilience.
