Mutual Benefits Assurance Plc has released its financial results for the second quarter ended 30 June 2025, reporting a pretax profit of N7.8 billion, compared to a loss of N1.1 billion in the same period last year.
This brought its half-year pretax profit to N12.2 billion, reflecting a 287.78% increase from N3.1 billion recorded in the first half of 2024.
The improvement in earnings was largely driven by a rise in insurance revenue, which stood at N21.8 billion in Q2, up 37.46% year-on-year.
This pushed total insurance revenue for the half year to N41.1 billion, compared to N28.4 billion in H1 2024.
Favorably, the company recorded a decline in insurance service expenses, which dropped from N14.7 billion to N9.7 billion in Q2.
- As a result, it posted an insurance service result of N5.2 billion, compared to a loss of N237.6 million a year earlier.
In addition, net investment income rose to N4.1 billion in Q2, representing a 911.85% increase from the same period last year.
- Combined, net insurance and investment results for the quarter stood at N8.5 billion, compared to a loss of N118.6 million in Q2 2024.
Overall, pretax profit for the quarter was N7.8 billion, while post-tax profit came in at N7.4 billion.
On the balance sheet, the company reported a total asset base of N164.2 billion, up 11.61% year-on-year, while retained earnings surged 79.11% to N21.9 billion.
During the first half of the year, the company received N47.2 billion in cash premiums from insurance contracts, up from N34.2 billion in H1 2024.
- Meanwhile, claims paid increased to N22 billion, from N11.1 billion in the same period last year.
Key Highlights (Q2 2025 vs Q2 2024)
- Insurance revenue: N21.8 billion (+37.46% YoY)
- Insurance service result: N5.2 billion (+2,305.08% YoY)
- Net investment income: N4.1 billion (+911.85% YoY)
- Pretax profit: N7.8 billion (+798.67% YoY)
- Total assets: N164.2 billion (+11.61% YoY)
- Claims paid: N22 billion (+98.20% YoY)
As of the close of trading on August 5, 2025, the company’s shares were priced at N2.20, reflecting a year-to-date gain of 260.66%.