Mutual Benefits Assurance Plc has recorded a 27 per cent growth in underwriting profit to N10.7 billion against N8.3 billion in 2015, its audited accounts for the year ended December 2016 has shown.
The Group’s underwriting Profit (non-life and life) closed at N4.1 billion, 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 percent 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 its customers, while improving customer service excellence “In the year under review, the company’s investment income stood at N966 million, which represents a 13 percent increase against 2015’s N854 million.
A few months back the organization in conjunction with KPMG embarked on a strategic roadmap for the next 5years; which is aimed at repositioning the company for future opportunities and challenges focused on 4 key areas of its business.
These include deepen market penetration and customer acquisition; customer Service delivery excellence; transform people and culture as well as drive operational effectiveness
The organization is investing in technology and developing an innovative customer-centric product that meets the needs of current and potential customers, while increasing its market share.
These efforts the company noted have begun to pay off as shown in its recently released First Quarter 2017 Financial Results, which reveals that the Group made a Profit after Tax of N660 million, a 108 percent increase over the same period in 2016.