Mutual Benefits Assurance Plc has recently embarked on a strategic investment move in the oil and gas sector that become the top insurance company in the country.
This is even as it assured its shareholders,policyholders and all stakeholders that the insurer will have a seamless recapitalisation exercise should the insurance industry regulator, which is, the National Insurance Commission(NAICOM) decides to initiate it in the current year.
Speaking at the firm’s 29th Annual Thanksgiving Service in Lagos, at the weekend, the chairman, Dr. Akin Ogunbiyi, noted that, due to strategic investments decisions made by the company in recent years, the company would soon become a clear leader in the insurance industry.
According to him, “ Two years from now, with our strategic investment in an oil assets which has gone into production, Mutual Benefits Assurance Plc will be the biggest insurance company in industry. Apart from the substantial investment, the company is equally the financer of the assets.”
Giving further details he said, “From the little effort we have been doing, we had to look for a commensurate long time investment we can do with our life fund and with the permission of the National Insurance Commission(NAICOM), we invested in the oil assets. “We are optimistic that we will keep growing and with the impact this assets will have on our balance sheet the blue sky will not limit us.”
Earlier, the managing director/CEO, Mutual Benefits Assurance Plc, Femi Asenuga, noted that, despite the harsh economic situation in 2024, the company was able to grow its gross premium written to about N40 billion when compared to about N23 billion reported in the previous year of 2023.
Stating that the 2024 was very challenging particularly, with the economy and the galloping inflation recorded in the country which had a direct impact on the disposable income of business and individual and directly affected business generally, he added that, despite these, the insurer did well in gross written premium.
He was optimistic that, 2025 business year would even surpass achievements of 2024, even as he assured the company had brought in funds earlier, with the mindset that recapitalisation exercise may commence anytime soon in the insurance industry.
The senior pastor, The Covenant Nation, Pastor Peju Oyemade, who was the guest minister at the event, while speaking on the theme: ‘Thus Far Has The Lord Helped Us’ which was drawn from I Samuel 7:12, added that, God cherishes and bless those who give thanks while applauding the company for chosen to give thanks to God at the end of their financial year.
He charged participants at the event to give thanks to God for the gesture they enjoy from him regularly.
Mutual Benefits Assurance Plc’s Annual Thanksgiving Service is a day, usually the third Saturday of January of every year set aside to praise God and merry even as the Mutual Benefits choir sang different soul-touching songs that brough participants, who were mainly staff, customers, shareholders and well-wishers out of their seat to dance.
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