Despite the economic challenging and consumer apathy towards
taken insurance policy in the country, Mutual Benefits Assurance Plc, has
declared its underwriting income by 27 per cent from N8.3 billion to N10.7
billion in 2016.
According to the firm’s Head, Corporate Communication, Ellen
Offo, stated that this was revealed in the company’s result released on the
floor of the Nigerian Stock Exchange (NSE).
According to the statement, the feat was achieved through
the organisation’s improved risk retention policy. The Group recorded
underwriting Profit (non-life and life) of N4.1 billion, which is one of the
highest in the industry. This is a 16 per cent growth from the underwriting
profit of N3.6 billion recorded in 2015. In 2016, the Group paid out claims amounting
to N3.3 billion which is a 43 per cent increase from the N2.3 billion paid out
in 2015. This development, the company’s management said is in line with its
“firm commitment to honouring its obligations and delighting customers, while
improving customer service excellence”
In the year under review, the company’s investment income
stood at N966 million, which represents a 13 per cent increase against N854
million in 2015. Few months back, the organisation in conjunction with KPMG
embarked on a strategic roadmap for the next 5 years; aimed at repositioning
the company for future opportunities and challenges. The roadmap focused on 4
key areas of its business, namely: Deepen Market penetration and customer
acquisition; customer service delivery excellence, transform people and culture
and drive operational effectiveness.
The organization is investing in technology and developing innovative
customer-centric products that meet the needs of current and potential
customers, while increasing its market share.
These efforts have begun to pay off, as its recently
released first quarter 2017 financial results; revealed that the Group made a
Profit After Tax (PAT) of N660 million, a 108 per cent increase over the same
period in 2016.
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