Business

General Business to Drive 72% of Mutual Benefits Assurance’s Projected ₦96.82bn GWP

Published

1 month ago

September 23, 2026

BY NKECHI NAECHE-ESEZOBOR—Nigeria’s lead underwriter, Mutual Benefits Assurance Plc has protected a Gross Written Premium of ₦96.82 billion for the twelve months ending 31 December 2026.

According to notice released on the exchange, for dealing members and investors, the company’s insurance revenue, is projected to stand at ₦89.42 billion.

The company’s general business is expected to generate 72% of the projected GWP, while the Life arm of the group will account for j28%.

Investment income would largely be driven by returns on its financial assets, with non-cash items such as depreciation of non-current assets, amortisation of intangible assets, and net fair value gains or losses on financial assets factored into its profit or loss and other comprehensive income statement.

On the profitability side, Mutual Benefits projects gross premium written of ₦96.82 billion and insurance revenue of ₦89.42 billion, against an insurance service expense of ₦81.56 billion. Net income from reinsurance contracts held is estimated at ₦802.64 million, bringing the insurance service result to ₦8.66 billion.

Net investment income is expected to stand at ₦13.16 billion, while net insurance finance expenses are projected at ₦1.99 billion, resulting in net insurance and investment results of ₦19.84 billion. With other income of ₦237.03 million and total non-attributable expenses of ₦2.76 billion, the company expects a profit before income tax of ₦17.31 billion.

After an income tax expense of ₦1.90 billion, Mutual Benefits projects a full-year profit of ₦15.41 billion for the period under review.

The post General Business to Drive 72% of Mutual Benefits Assurance’s Projected ₦96.82bn GWP appeared first on Business Today NG.

Related Topics:96.82bn Assurances Benefits business drive general GWP Mutual Projected

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Business

Retirees Earning ₦150,000 or Less to get Free Health Insurance-PenCom

Published

1 hour ago

November 6, 2026

PlateauReports

BY NKECHI NAECHE-ESEZOBOR—Nigerian retirees aged 60 and above who receive a monthly pension of ₦150,000 or less are to get free health insurance, according to the National Pension Commission (PenCom).

The commission disclosed this in a notice posted on its X account, titled “Something big is coming for Nigeria’s retirees.” The notice says the development “concerns you directly” for pensioners in that category and names November 10, 2026 as the date to mark.

The free healthcare initiative is expected to enhance the well-being of retirees and strengthen their retirement security.

According to PenCom, the initiative is meant to reward retirees for the years they spent in active service.

“You gave Nigeria your best. Now, it’s your turn to be cared for,” the notice says.

The commission also directed retirees and other interested persons to visit its official website, pencom.gov.ng, or the websites of any Pension Fund Administrator (PFA) for more information.

The post Retirees Earning ₦150,000 or Less to get Free Health Insurance-PenCom appeared first on Business Today NG.

Business

Afrinvest CEO recalls how Elumelu’s $1 million loan helped salvage firm from crisis

Published

9 hours ago

November 6, 2026

PlateauReports

Tony Elumelu played a supreme role in getting investment bank Afrinvest back on track in 2011 after the global financial meltdown pushed the investment bank to the brink, its chief executive recalled in a letter to the tycoon seen by PREMIUM TIMES.

The multisectoral magnate, who is the top shareholder of United Bank for Africa, the Transcorp Group, and Seplat Energy, granted a soft loan of $1 million to Ike Chioke, the CEO of the financial institution, as a mark of urgent support when the firm direly needed the cash to recapitalise, the latter said.

“Fifteen years ago, Afrinvest was navigating one of the most challenging periods in its history, as we struggled to rebuild and recapitalise the business in the aftermath of the global financial crisis,” Mr Chioke said.

“At that critical juncture, when the future was far from certain, you made the remarkable decision to lend me US$1 million of your personal funds. You placed your confidence not simply in the prospects of a business but in me as an individual, my integrity, my determination and my conviction that Afrinvest could emerge stronger from adversity.”

This June, Mr Chioke eventually completed the repayment of the credit, according to the letter, describing the gesture as an extraordinary act of friendship, generosity and trust.

READ ALSO: Afrinvest repays undocumented $1 million from Elumelu with interest

Mr Elumelu, whose economic vision is anchored on what he calls “Africapitalism” – an investment philosophy that prioritises the private sector’s role in democratising the wealth Africa needs to power large-scale growth, has been involved in active philanthropic initiatives on the continent.

In March, his foremost charity project, the Tony Elumelu Foundation, turned sixteen, and he said the initiative had disbursed over $100 million in seed capital to 24,000 entrepreneurs in Africa and created more than 1.5 million jobs over the period.

The foundation expects to fund an additional 3,200 entrepreneurs this year, it said in September.

Mr Chioke applauded the profound impact Mr Elumelu’s financial assistance has had on Afrinvest, notably transforming it into a diversified regional financial services group with an expanding universe of clients and operations in asset management, investment banking, research & consulting, and securities trading.