Business

Mutual Assurance Benefits records N1.94bn loss after tax

Insurance firm, Mutual Benefits Assurance Plc has reported a loss after tax of N1.94billion in the financial period ended March 31, 2021. The loss occurred despite Gross Premium written increasing by 45.4 percent year- to- date, from N5.57billion in March 31, 2020 to N8.11billion in the review period.

Gross Premium Income increased to N7.04billion from N5.11billion in March 31, 2020. Net fair value on assets recorded a material decline of 951 percent from N449.73million to N4.72billion while Earnings per Share (EPS) dropped to -19Kobo compared to 9Kobo in the comparable first quarter financial period in 2020. Meanwhile, the company in the last 18 years has evolved into a conglomerate consisting of value- adding companies with diverse interests in various sectors of the Nigerian economy through investments, strategic alliances, and partnerships. MUTUAL allegedly is a leading brand in the Nigerian Insurance industry, with over 3,000 staff and marketing executives in its employment.

 

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