Mutual Benefits pays out N35bn on claims in 2024 full year

Committed to meeting its obligation to policyholders, Mutual Benefits Assurance Plc and its subsidiary, Mutual Benefits Life Assurance Ltd have disbursed claims totalling N34.54 billion in full year 2024.

The pay-out, the company noted, underscores its unwavering commitment to financial security and customer satisfaction, despite rising economic challenges.

The claims paid in 2024 covered both General and Life Insurance, reflecting Mutual Benefits’ ability to fulfil its obligations across various insurance segments.

General Insurance claims totalled N12.24 billion, with the Oil & Gas sector recording the highest pay out of N2.54 billion, followed closely by Fire Insurance claims at N2.39 billion and Motor Insurance at N2.29 billion.

General Accident claims amounted to N1.83 billion, while Marine Insurance pay-outs stood at N1.30 billion. The Aviation sector recorded claims of N1.70 billion, and Engineering Insurance claims reached N785 million, while Agric Insurance had the lowest non-life payout at N11 million.

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On the Life Insurance side, Mutual Benefits Life Assurance Ltd. paid a total of N22.30 billion in claims. Group Life Claims led the segment with N7.93 billion, followed by Maturity Claims at N6.75 billion and Surrender Claims at N4.77 billion. Other payouts included N1.42 billion for Individual Death Claims, N1 million for Partial Withdrawals, N279 million for Credit Life Claims, and N43 million for Annuity Claims.

Speaking on the payout, Femi Asenuga, MD/CEO of Mutual Benefits Assurance Plc, emphasized the company’s relentless focus on timely claims settlement, stating: “Through these substantial payouts, we continue to uphold our promise of prompt claims settlement, reinforcing the trust our policyholders place in us.”

Echoing this sentiment, Biyi Ashiru-Mobolaji, MD/CEO of Mutual Benefits Life Assurance Ltd., highlighted the company’s commitment to efficiency and excellence.

“Our priority has always been ensuring a seamless and speedy claims process. This achievement reflects our dedication to reliability and customer satisfaction.”

Mutual Benefits, a leading insurer in Nigeria and the West African sub-region, recently celebrated its 29th Year Thanksgiving Service in Lagos.

During the event, the company assured shareholders, policyholders, and stakeholders that the National Insurance Commission (NAICOM) will introduce a recapitalization directive this year, and Mutual Benefits is well-prepared to navigate the process seamlessly.

Backed by strong balance sheet growth and strategic investments in oil and gas assets, Mutual Benefits is well positioned for sustained industry leadership.