The announcement was made by the company’s Chairman, Dr. Akin Ogunbiyi, during its combined 28th and 29th Annual General Meeting (AGM) held in Lagos.
According to Ogunbiyi, the insurer’s performance was anchored on strong underwriting discipline and effective market strategies. Insurance revenue rose sharply to ₦66.92 billion, representing a 68% growth from ₦39.92 billion in the previous year, underscoring the company’s expanding market share and ability to retain clients.
He further highlighted that the firm continued to honor its commitments to policyholders, settling claims of ₦29.08 billion in 2024. This marks a 52% increase compared to the ₦18.99 billion paid out in 2023.
The company’s Profit Before Tax (PBT) stood at ₦12.04 billion, also up 92% from ₦6.28 billion the prior year. Ogunbiyi attributed this to prudent expense management, effective underwriting, and strategic investments that delivered returns despite market volatility.
In recognition of shareholder confidence, the board approved a dividend of 2 kobo per share, reflecting a balance between rewarding investors and positioning the company for future growth. Ogunbiyi assured stakeholders that, with strengthened capital and continued strategic execution, dividend payouts are expected to grow in the years ahead, further supporting shareholder value and market capitalization.
Reinforcing the company’s direction, Managing Director/CEO, Olufemi Asenuga, stated that Mutual Benefits Assurance remains focused on deepening market presence, accelerating digital transformation, and strengthening customer-centric insurance services.
He emphasized that the firm is positioning itself for sustainable profitability and long-term shareholder returns, a strategy aimed at consolidating its standing in Nigeria’s competitive insurance sector.