Mutual Benefits Assurance reported a pretax profit of N17.4 billion for the 2025 financial year, according to its latest audited statement filed on the Nigerian Exchange.
The result represents a 47.58% year-on-year increase from N11.7 billion, supported largely by stronger earnings from the company’s insurance operations and investment portfolio.
Insurance revenue rose to N80.04 billion and, after accounting for related expenses, delivered an insurance service result of N8.7 billion, compared to N1.07 billion recorded in the previous year.
On the investment side, net investment income stood at N13.9 billion, while cash flow figures showed that the company received N81.9 billion in premiums, up 15.46% year-on-year, as claims payments rose 33.98% to N38.9 billion, indicating higher insurance activity.
Key highlights (2025 vs 2024)
- Insurance revenue: N80.04 billion, up 19.63% YoY
- Insurance service result: N8.7 billion, up 718.91% YoY
- Net investment income: N13.9 billion vs N15.7 billion
- Net insurance finance expenses: N2.8 billion vs N1.45 billion
- Pretax profit: N17.4 billion, up 47.58% YoY
- Post-tax profit: N16.4 billion, up 45.04% YoY
- Premiums received: N81.9 billion vs N70.9 billion
- Claims paid: N38.9 billion vs N29.08 billion
Driving the numbers
A closer look at the results shows that insurance revenue rose to N80.04 billion from N66.9 billion, reflecting stronger premium inflows from policyholders during the financial year.
- However, insurance service expenses also climbed alongside revenue, reaching N70.8 billion and leaving the company with a net insurance figure of N9.1 billion.
After accounting for net reinsurance expenses of N425.9 million, the insurance service result came in at N8.7 billion, compared to N1.07 billion recorded in the previous year.
- On the investment side, net investment income stood at N13.9 billion, down 11% year-on-year, driven mainly by interest income calculated using the effective interest method at N10.8 billion.
- Profit from investment contracts settled at N2.5 billion, while net fair value gains on financial assets stood at N881.06 million, with other smaller investment streams contributing to the balance.
After accounting for net insurance finance expenses of N2.8 billion, combined earnings from interest and non-interest activities rose to N19.8 billion, up 29.37% year-on-year.
This was further reduced to a pretax profit of N17.4 billion, up from N11.7 billion, after accounting for operating expenses and minimum tax charges.
Following an income tax expense of N992.8 million, post-tax profit settled at N16.4 billion compared to N11.3 billion, while earnings per share rose to N0.81 from N0.54.
Balance sheet
On the balance sheet, total assets climbed to N176.2 billion from N147.1 billion recorded in 2024, with financial assets measured at amortized cost remaining the company’s largest asset class at N86.9 billion.
Total liabilities increased to N106.5 billion compared to N92.3 billion in the previous year, driven mainly by insurance contract liabilities of N58.06 billion and investment contract liabilities of N36.7 billion.
In terms of shareholders’ funds, retained earnings surged 129.2% year-on-year to N28 billion, while total equity increased to N69.7 billion from N54.7 billion.
Market reaction
Shares of Mutual Benefits Assurance were priced at N4.42 per share as of market open on 22 May 2026, with the stock posting a month-to-date return of over 9%.
The market is expected to react positively to the company’s latest results, as the stock has already gained more than 42% year-to-date.
