Mutual Benefits Assurance Plc has reported a pretax profit of N17.4 billion for the 2025 financial year, representing a 47.58 per cent increase from N11.7 billion recorded in 2024.
The company disclosed the performance in its latest audited financial statement filed on the Nigerian Exchange Limited.
The improved earnings were driven mainly by stronger insurance operations and solid investment income during the year.
Insurance revenue rose by 19.63 per cent year-on-year to N80.04 billion from N66.9 billion recorded in the previous year, reflecting stronger premium inflows from policyholders.
After accounting for insurance service expenses of N70.8 billion, the company posted a net insurance figure of N9.1 billion.
Following net reinsurance expenses of N425.9 million, Mutual Benefits Assurance recorded an insurance service result of N8.7 billion, compared to N1.07 billion achieved in 2024.
The insurer also reported net investment income of N13.9 billion, although this represented an 11 per cent decline from N15.7 billion recorded in the previous year.
Interest income calculated using the effective interest method contributed N10.8 billion, while profit from investment contracts stood at N2.5 billion.
Net fair value gains on financial assets came in at N881.06 million, alongside other investment income streams.
However, net insurance finance expenses rose to N2.8 billion from N1.45 billion recorded in the previous year.
Combined earnings from insurance and investment activities increased by 29.37 per cent year-on-year to N19.8 billion.
After deducting operating expenses and minimum tax charges, pretax profit settled at N17.4 billion.
Following an income tax expense of N992.8 million, post-tax profit rose by 45.04 per cent to N16.4 billion from N11.3 billion recorded in 2024.
Earnings per share also improved to N0.81 from N0.54.
Cash flow figures showed that premiums received during the year increased by 15.46 per cent to N81.9 billion, compared to N70.9 billion in the previous year.
Claims payments rose significantly by 33.98 per cent to N38.9 billion from N29.08 billion, reflecting increased insurance activity and claims settlement obligations.
On the balance sheet, total assets climbed to N176.2 billion from N147.1 billion recorded in 2024.
Financial assets measured at amortized cost remained the company’s largest asset class at N86.9 billion.
Total liabilities increased to N106.5 billion from N92.3 billion, driven mainly by insurance contract liabilities of N58.06 billion and investment contract liabilities of N36.7 billion.
Shareholders’ funds also strengthened during the year. Retained earnings surged by 129.2 per cent to N28 billion, while total equity rose to N69.7 billion from N54.7 billion.
Shares of Mutual Benefits Assurance traded at N4.42 per share as of market open on May 22, 2026.
The stock has gained more than 42 per cent year-to-date and recorded a month-to-date return of over 9 per cent, reflecting growing investor confidence ahead of the company’s latest earnings release.
