Mutual Benefits Assurance Plc, a leading insurance company, has reported a significant increase in its assets for the 2022 financial period. The company's assets rose by 10.95 percent to reach N92.95 billion, compared to N83.78 billion in the previous year. This positive financial performance was announced by Dr. Akin Ogunbiyi, the Chairman of Mutual Benefits Assurance, during the company's 27th annual general meeting held in Lagos on Friday.

Despite the challenging operating environment in Nigeria during 2022, Mutual Benefits Assurance demonstrated resilience, with a robust balance sheet. Dr. Ogunbiyi highlighted the company's achievements, stating that insurance contract liabilities increased by 11.21 percent, from N23.46 billion in 2021 to N26.09 billion in 2022. Furthermore, investment contract liabilities grew by 11.02 percent, rising from N30.18 billion in 2021 to N33.51 billion in 2022.

Shareholders also received positive news, as the company's funds increased by 16.12 percent, reaching N21.38 billion in 2022 compared to N18.41 billion in the previous year. These developments indicate Mutual Benefits Assurance's commitment to sustainable growth and creating value for its stakeholders.

The company experienced notable growth in its core business operations as well. Gross Premium Written, a key performance indicator in the insurance industry, increased by 14.27 percent, from N29.30 billion in 2021 to N33.48 billion in 2022. This growth was primarily driven by a 17.29 percent increase in gross premium written in the life insurance segment, which reached N14.09 billion in 2022. Additionally, the non-life insurance business saw a 12.17 percent increase, with gross premium written amounting to N19.39 billion in 2022, compared to N17.28 billion in the previous year.

Furthermore, Mutual Benefits Assurance achieved a notable 28.08 percent growth in net premium income, rising from N22.46 billion in 2021 to N28.76 billion in 2022. However, the company faced challenges in the form of increased adverse claims experience and underwriting expenses. Net benefits and claims rose by 9.31 percent, from N10.81 billion in 2021 to N11.81 billion in 2022. Meanwhile, underwriting expenses increased by 25.36 percent, reaching N8.86 billion in 2022, compared to N7.06 billion in the previous year.

Despite these challenges, Mutual Benefits Assurance achieved a remarkable 88.24 percent increase in underwriting profit, totaling N8.37 billion in 2022, compared to N4.45 billion in 2021. This achievement underscores the company's effective risk management strategies and its ability to navigate a challenging insurance landscape.