Mutual Benefits Assurance Plc has reported a pretax profit of N7.8 billion for the second quarter ended 30 June 2025, reversing a loss of N1.1 billion recorded in the same period last year.
This performance lifted the firm’s half-year pretax earnings to N12.2 billion, reflecting a sharp increase of 287.78 per cent from the N3.1 billion posted in the first half of 2024.
A significant contributor to this turnaround was the strong growth in insurance revenue, which rose to N21.8 billion in Q2—marking a 37.46 per cent year-on-year increase. Total insurance revenue for the half year reached N41.1 billion, compared to N28.4 billion in the corresponding period of 2024.
The company also reported a decline in insurance service expenses, which fell from N14.7 billion to N9.7 billion in Q2. This reduction supported a positive swing in insurance service result, which stood at N5.2 billion, following a loss of N237.6 million in the same quarter last year.
Net investment income rose steeply to N4.1 billion in Q2, up 911.85 per cent from the comparable figure in 2024. Taken together, net insurance and investment results amounted to N8.5 billion, a notable improvement from the loss of N118.6 million in the previous year’s second quarter.
The company closed the quarter with a pretax profit of N7.8 billion and a post-tax profit of N7.4 billion.
Total assets stood at N164.2 billion, reflecting an 11.61 per cent year-on-year increase. Retained earnings also climbed to N21.9 billion, up 79.11 per cent compared to the same period last year.
Cash premiums collected from insurance contracts during the first half of the year amounted to N47.2 billion, a rise from N34.2 billion reported in H1 2024. However, claims paid also increased, reaching N22 billion compared to N11.1 billion a year earlier.
As of the close of trading on 5 August 2025, the company’s shares were priced at N2.20, representing a year-to-date gain of 260.66 per cent.
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