Mutual Benefits Assurance Plc has approved a N802.46 million dividend for shareholders for the financial year ended December 31, 2025, representing a significant increase in returns to investors as the insurer continues to strengthen its financial position.
The dividend, approved at the company’s 30th Annual General Meeting, amounts to four kobo per ordinary share of 50 kobo. This represents a 100 per cent increase over the dividend paid in the previous financial year and was welcomed by shareholders who participated in the virtual meeting.
The improved payout comes as the company moves into a new phase following the successful completion of the recapitalisation exercise initiated by the National Insurance Commission (NAICOM). The stronger capital position is expected to provide the insurer with greater capacity to absorb risks, pursue new business opportunities and compete more effectively in Nigeria’s evolving insurance market.
Speaking during the AGM, Board Director, Adesoye Olatunji, who chaired the meeting on behalf of the Board Chairman, Akin Ogunbiyi, commended shareholders for their continued confidence in the company and their participation in its corporate affairs.
Olatunji said the approval of the dividend and the successful conclusion of the AGM demonstrated the company’s commitment to maintaining sound governance and creating sustainable value for investors.
“The successful conclusion of the 30th AGM reflects Mutual Benefits’ enduring commitment to sound corporate governance, regulatory compliance and sustainable value creation,” Olatunji stated.
He said the company would continue to focus on strengthening its competitive position while pursuing strategies capable of delivering sustainable returns to shareholders.
“Mutual Benefits remains focused on delivering long-term value, while strengthening its market position in an evolving insurance landscape,” he added.
The board director further assured shareholders that the company’s leadership remained committed to building a stronger and more resilient institution, guided by its longstanding brand promise of “creating and protecting wealth.”
The increased dividend is particularly significant coming at a time when the Nigerian insurance industry is undergoing major changes, including regulatory reforms, increased capital requirements and growing demand for stronger risk-management capabilities.
For Mutual Benefits, the completion of the NAICOM recapitalisation exercise provides a stronger platform for pursuing its medium- and long-term growth strategy. With an expanded capital base and enhanced risk-bearing capacity, the company is expected to have greater flexibility to underwrite larger risks, explore new market segments and improve its ability to respond to emerging opportunities.
The insurer is also looking to deepen its market penetration through greater use of technology and technical innovation, while seeking to expand its share of the increasingly competitive insurance market.
The AGM brought together members of the company’s board and senior management, including the Managing Director/CEO, Femi Asenuga; Managing Director/CEO of Mutual Benefits Life Assurance Ltd, Biyi Ashiru-Mobolaji; Executive Director (Technical), Joseph Oladokun; and Company Secretary, Jide Ibitayo.
Representatives of key regulatory and statutory institutions also participated in the meeting. They included officials from the National Insurance Commission, Securities and Exchange Commission, Nigerian Exchange Limited, Corporate Affairs Commission, KPMG Professional Services and Apel Capital Registrars Limited.
The approval of the N802.46 million dividend signals the company’s intention to maintain shareholder returns while investing in its financial strength and future growth. With the recapitalisation process now completed, Mutual Benefits is positioning itself to take advantage of opportunities created by Nigeria’s expanding insurance market and changing regulatory environment.