Mutual Benefits Assurance Plc. has settled net claims worth N5.15bn for the financial year ended 31st December 2017, this indicated a 54 per cent growth when compared with 2016 figure of N3.35bn .

The equally recorded a profit after tax of N1.02bn within the period under review compared to a loss of N1.35bn in 2016.

According the firm, its gross written premium rose by 16 per cent from N12.14bn in 2016 to N14.03bn in 2017.

The company’s underwriting income also grew by 10 per cent to N11.78bn in 2017 from N10.70bn in 2016.

Commenting on the results, the Chairman, Dr. Akin Ogunbiyi, said, “Despite the tough business environment, we have been able to bounce back to profitability and delight our shareholders. Dividend of two kobo per share will be paid to our esteemed shareholders who have stood by us over the years.

Speaking on the claims paid, the Managing Director, Mr. Segun Omosehin, said, ‚ÄúThis is an attestation to our firm resolve to consistently honour our obligations to our esteemed customers while improving our claims administration processes and procedures.‚ÄĚ

The company also stated that it recorded a 27 per cent increase in gross premium written of N4.75bn from N3.75bn during the first quarter of 2017, and a 4.22 per cent increase in net premium income from N3.71bn in the first quarter of 2017 to N3.87bn in the first quarter of 2018.