Mutual Benefits pays out N5.9bn claims in first month of 2026

Mutual Benefits Assurance Plc has paid out N5.94bn in claims to its policyholders in January 2026 alone, underlining its strong financial capacity and unwavering commitment to customer service.

A breakdown of the figures shows that N3.43 billion was paid under its General (Non-Life) Insurance portfolio, while N2.51 billion was paid across its Life businesses, including Group Life and Retail Life policies.

The significant payout within a single month reinforces Mutual Benefits’ reputation as a dependable insurer that honours its obligations swiftly and responsibly.

Commenting on the development, Olufemi Asenuga, managing director, Mutual Benefits Assurance Plc stated that claims settlement remains the core promise of insurance and the ultimate test of an insurer’s credibility.

Read also: Africa Re: Five decades of building Africa’s reinsurance strength

“Insurance is built on trust. Our ability to settle over N5.9 billion in claims in one month demonstrates not only our financial strength, but also our deep commitment to our policyholders. “At Mutual Benefits, we do not just sell policies, we stand by our promises,” he said.

With over three decades of operations, Mutual Benefits has consistently positioned itself as a strong and well-capitalised insurer. The company operates both Life and General Insurance businesses and remains fully compliant with regulatory capital requirements as stipulated by the National Insurance Commission (NAICOM).

The January payout reflects Mutual Benefit’s robust underwriting standards, prudent risk management practices and efficient claims administration framework.

It also aligns with the company’s broader record of substantial claims settlement in recent years, reinforcing its standing as a trusted brand in the Nigerian insurance industry.

Mutual Benefits employs over 5,000 staff, managed by seasoned management team and an experienced Board of Directors.

Industry observers note that prompt claims payment remains one of the most critical differentiators in Nigeria’s competitive insurance landscape.

By consistently settling valid claims without delay, Mutual Benefits continues to strengthen customer confidence, deepen market trust and expand its footprint across retail and corporate segments.

As the company begins 2026 on a strong footing, it reiterates its commitment to innovation, service excellence and delivering value to policyholders and stakeholders alike.

Mutual Benefits Assurance focused on its mission to provide reliable risk protection solutions while maintaining the highest standards of professionalism and integrity.