Mutual Benefits Assurance Plc has demonstrated a formidable commitment to its customers by disbursing a record N35.3 billion in insurance claims within the first nine months of 2025. This significant payout, covering both its general and life insurance arms, underscores the company's reliability during a period of economic pressure.
Record-Breaking Payout Across All Sectors
The total claims settled from January to September 2025 reached N35.3 billion, a figure that surpasses the company's annual claims payment for any single year in its history. The non-life insurance business contributed N18.56 billion, while the life assurance subsidiary, Mutual Benefits Life Assurance Ltd., settled N16.79 billion in claims.
Femi Asenuga, the Managing Director and Chief Executive Officer of Mutual Benefits Assurance Plc, emphasized that this performance is a direct reflection of the insurer's core promise. He stated that the essence of insurance is the confidence that support will arrive in difficult times, and the N35.3 billion payout is a tangible testament to that commitment.
Detailed Breakdown of Non-Life Claims
The non-life claims portfolio reveals payouts across critical sectors of the Nigerian economy:
- Motor Insurance: N3.79 billion, highlighting increased costs for vehicle repairs and replacements.
- Oil and Gas: N5.02 billion, providing crucial support to a key industry.
- Fire Losses: N2.30 billion.
- General Accident: N2.60 billion.
- Aviation: N2.24 billion for related incidents.
- Marine: N1.34 billion.
- Engineering: N1.23 billion.
- Other payments included bond claims and agriculture-related support.
Life Assurance and Investment Obligations Honored
On the life insurance side, the company provided vital financial security. Group and credit life claims totaled N5.41 billion, protecting businesses and families from sudden loss. Individual death claims amounted to N907 million, while annuity payments ensured steady income for retirees.
Furthermore, Mutual Benefits Life Assurance Ltd. fulfilled significant investment obligations, paying out N7.08 billion in maturity claims, N2.93 billion in surrender claims, and N413 million for partial withdrawals. Biyi Ashiru-Mobolaji, MD/CEO of the life subsidiary, framed these payments as kept promises, focusing on dependability when customers need it most.
Reinforcing Trust in Critical Times
The company has stated that these substantial claims payments reinforce its position as a trusted insurer in Nigeria's financial landscape. As it moves into the final quarter of the year, Mutual Benefits reaffirms its dedication to prompt claims settlement, aiming to maintain and build policyholder confidence when it is most critical. This record payout not only reflects strong financial performance but also a deep-seated commitment to corporate responsibility and customer care.
