Yemisi Izuora
Mutual Benefits Assurance Plc. has released its audited accounts for the year ended December 2016 in which it revealed that it grew its underwriting income by 27 per cent from N8.3 billion to N10.7 billion despite the challenging economy and consumer apathy towards insurance.
The result which was released on the floor of the Nigerian Stock Exchange (NSE) indicates that the group’s underwriting profit (non-life and life) of N4.1 billion, which is one of the highest in the industry, recorded a 16 per cent growth from the underwriting profit of N3.6 billion 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.