Mutual Benefits Assurance Plc has released its unaudited consolidated and separate financial statements for the nine-month period ended September 30, 2025, showing significant improvement in profitability and strong compliance with regulatory requirements on free float and governance.
The company reported a profit before income tax of ₦15.28 billion, representing a 153% increase compared to ₦6.04 billion recorded in the corresponding period of 2024. Profit after tax grew even more impressively to ₦14.28 billion, a 208% surge from ₦4.63 billion in the same period last year.
Revenue and Performance Highlights
Gross insurance revenue rose sharply to ₦60.86 billion, up from ₦44.34 billion in September 2024, reflecting continued growth in the company’s underwriting business and improved customer retention. Insurance service results also turned positive at ₦9.3 billion, compared to a loss of ₦940 million in the prior period a testament to improved claims management and underwriting discipline.
Net investment income stood at ₦11.32 billion, up slightly from ₦10.92 billion, while the group’s total comprehensive income closed at ₦12.41 billion for the period, underscoring overall operational resilience.
At the company (parent) level, Mutual Benefits reported ₦5.97 billion profit before tax and ₦5.70 billion profit after tax, representing steady performance improvements across its core operations.
Earnings per share jumped to ₦0.69 from ₦0.23 in September 2024, reflecting the significant profit growth.
Strong Financial Position
As of September 30, 2025, the Group’s total assets stood at ₦168.47 billion, representing a 14% growth from ₦147.14 billion as of December 2024. Shareholders’ funds also increased by 29% to ₦61.70 billion, compared to ₦50.27 billion at the end of 2024, indicating enhanced balance sheet strength and improved capital adequacy.
Insurance contract liabilities rose to ₦51.81 billion, while investment contract liabilities stood at ₦35.48 billion, demonstrating the Group’s expanding portfolio of policyholder obligations.
Shareholding Structure and Compliance
Mutual Benefits Assurance maintained a free float of 22.66%, equivalent to a market value of ₦17.41 billion as of September 30, 2025. This confirms full compliance with Nigerian Exchange (NGX) Main Board listing requirements.
The company’s total issued share capital remained at 20.06 billion units, with major shareholders including Charles Enterprises Ltd (42.27%), Arubiese Farms Ltd (21.98%), Omambiya Akinade Akanmu (5.48%), and CIL Risk & Asset Management Ltd (4.07%).
Company Secretary Fide Isitayo, in a declaration accompanying the results, affirmed that Mutual Benefits “remains compliant with the Exchange’s free float requirements” and continues to uphold transparency and good corporate governance.
Outlook
The strong third-quarter performance underscores Mutual Benefits Assurance’s continued focus on profitable growth, enhanced investment returns, and improved operational efficiency. With growing asset strength and profitability, the company is well positioned to deliver greater value to shareholders and policyholders in the coming quarters.
About Mutual Benefits Assurance Plc:Mutual Benefits Assurance Plc is one of Nigeria’s leading insurance and financial services groups, offering a broad range of life and general insurance products. The company is listed on the Nigerian Exchange (NGX) and continues to demonstrate resilience, innovation, and commitment to financial inclusion across its markets.
