Nigeria: Mutual Benefits Assurance returns to growth in the first half of 2022

After suffering a loss of 1.98 billion naira (5 million USD) in the first half of 2021, the Nigerian insurance group, Mutual Benefits Assurance is returning to performance. According to the financial report published Monday, August 22, the company made a net profit of 3.5 billion naira (8 million USD) in the first half of 2022.

This performance is due to a favorable context marked by an increase in the main performance indicators, in particular premium income.

Thus, gross premium written and gross premium income – from life and non-life activities – amounted to 18 billion naira (43 million USD) and 15.6 billion naira (37 million USD) respectively.

Net premium income amounted to 13.7 billion naira (32.5 million USD) while net underwriting income stood at 14.2 billion naira (34 million USD).

During the period under review, investment income increased by 115% to 1.2 billion naira (3 million USD) at the end of June 2022 compared to 559 million naira (1.3 million USD) at the end of June 2021.

For its part, expenditure increased in absolute value by 300 million naira (714 thousand USD), or 2 billion naira (5 million USD) in the first half of 2022 against 1.7 billion naira (4 million USD). in the first half of 2021.

As for total assets, it recorded a slight decrease standing at 89.6 billion naira () in June 2022.

Listed on the financial market of Lagos, the insurance company organized around 2 poles of activity (life and non-life insurance) totaled on Friday August 19 a market capitalization of 5 billion naira (12 million USD).

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