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Mutual Benefits Assurance Reports ₦80bn Revenue, Expands Assets to ₦176bn

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Mutual Benefits Assurance Plc has released its audited financial results for the year ended December 31, 2025, reporting a 19.6 per cent growth in insurance revenue to ₦80.05 billion from ₦66.92 billion recorded in 2024.

Profit before tax climbed to ₦17.41 billion, representing a 47.5 per cent increase from ₦11.80 billion in the previous year, while profit after tax rose to ₦16.42 billion from ₦11.32 billion in 2024.

The insurer also strengthened its balance sheet during the period, with total assets rising to ₦176.25 billion from ₦147.13 billion in the prior year.

Total equity increased to ₦69.73 billion from ₦54.79 billion in 2024, supported by retained earnings growth and improved profitability.

Earnings per share rose to 81 kobo from 54 kobo, reflecting enhanced shareholder value during the year under review.

Mutual Benefits recorded notable growth in investment income, with net investment income increasing to ₦19.87 billion, driven by higher interest income, fair value gains and disciplined portfolio management. Interest income alone stood at ₦10.88 billion during the period.

Operationally, the company reported a sharp improvement in insurance service result, which rose to ₦8.77 billion from ₦1.07 billion in 2024.

The performance was attributed to stronger underwriting discipline, improved claims management and more effective reinsurance arrangements.

Financial assets measured at amortised cost increased significantly to ₦86.99 billion, contributing to the expansion of the group’s investment portfolio and overall asset base.

Shareholders’ funds attributable to owners of the parent company also strengthened to ₦65.00 billion, underscoring the company’s continued capital growth and prudent financial management.

Commenting on the results, the Managing Director of Mutual Benefits Assurance Plc, Olufemi Asenuga, said the performance reflected the success of the company’s long-term growth strategy and operational transformation initiatives.

“The 2025 results demonstrate the strength of our underwriting discipline, the resilience of our investment strategy and the effectiveness of our ongoing transformation agenda. We remain committed to delivering sustainable value to our policyholders, shareholders and all stakeholders, while strengthening our leadership position in Nigeria’s insurance industry,” he said.

The company said it would continue to focus on digital transformation, operational efficiency and enhanced customer experience as part of its long-term growth strategy.

Looking ahead, Mutual Benefits plans to deepen its digital distribution channels, improve claims efficiency and expand across retail and corporate insurance segments in Nigeria and selected African markets.

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NEM Insurance Strengthens Policyholder Trust with N45.91bn Claims Payment

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NEM Insurance Plc has further reinforced confidence among its policyholders following the payment of N45.91 billion in claims during the 2025 financial year.

The figure, disclosed in the company’s audited results for the year ended December 31, 2025, highlights the insurer’s continued commitment to meeting obligations promptly and maintaining strong operational credibility within Nigeria’s insurance industry.

The 2025 claims payout represents a substantial rise from the N24.99 billion paid in the 2024 financial year, highlighting the Group’s growing commitment to meeting its obligations to policyholders and strengthening trust in its operations.

Figures obtained from the NGX showed the parent company paid N41.46bn in 2025 from N24.24bn in 2024.

Industry observers note that timely and efficient claims settlement remains a critical factor in driving insurance penetration in Nigeria.

With its strong capital base, expanding customer network, and increasing investment income, NEM Insurance Plc is well-positioned to deliver sustainable value to both shareholders and policyholders, while contributing to the growth of the insurance sector.

The company’s latest performance further underscores its standing among insurers with strong claims-paying capacity, a key indicator of financial stability and operational reliability in the industry.

GCR Ratings had upgraded NEM Insurance Plc’s national scale financial strength rating to AA+(NG) from AA(NG), with the outlook maintained as stable.

According to the rating agency, the upgrade reflects sustained strengthening in the company’s competitive position within the non-life insurance segment, supported by a sound financial profile characterised by robust risk-adjusted capitalisation, adequate liquidity, and strong earnings capacity.

The combination of increased claims payout and improved credit rating positions NEM Insurance Plc as a leading player in Nigeria’s insurance industry, capable of meeting rising customer expectations while sustaining long-term growth.

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How poor communication from travel agents leaves air passengers stranded

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Air passengers are increasingly arriving at airports unaware that their flights have been delayed, rescheduled or cancelled, a situation the Nigerian Civil Aviation Authority (NCAA) says is being worsened by poor communication between travel agents and travellers.

The Director of Public Affairs and Consumer Protection at the NCAA, Michael Achimugu, raised the concern in a video posted on his official X page on Tuesday.

According to him, many complaints received by the regulator involve passengers who booked tickets through third-party agents but failed to receive important updates directly from airlines.

Mr Achimugu said many travel agents use their own phone numbers and email addresses during bookings, leaving passengers dependent on them for information on delays, cancellations, and schedule changes.

In recent months, both domestic and international passengers have repeatedly complained about arriving at airports only to discover that their flights had either been cancelled or rescheduled without their knowledge, leaving many stranded for hours.

One such incident occurred on 27 April, involving passengers travelling aboard Ethiopian Airlines through Abuja to destinations including India.

Some of the affected passengers told PREMIUM TIMES that they travelled long distances for their international departures only to discover at the airport that the flights had been disrupted.

Several passengers said they never received any prior notification because their tickets were booked through travel agents.

One of the passengers, who identified himself as Yusuf Muhammad, said they depended entirely on their agents for updates from the airline.

According to him, the agents later claimed they had not received any information about the disruption.

The incident reportedly left several passengers stranded at the Nnamdi Azikiwe International Airport, Abuja, with some forced to spend the night at the terminal before arranging alternative travel plans the next day.

Reacting to the growing complaints, Mr Achimugu urged passengers to insist that their personal phone numbers and email addresses are used whenever tickets are booked through third parties.

“For the umpteenth time, I feel the need to say this. If you are booking your flight tickets through a third party, like a travel agent, please insist that they fill in your own phone number, or at least your email, when booking your ticket,” he said.

He added that, “The reason is because in our experience at the NCAA Consumer Protection Department, most of the cases of missed flights that have been recorded are because third-party passengers were not informed by their agents when they received notifications for delays, schedule changes and cancellations.”

He also advised passengers to check their emails and text messages regularly before travelling.

“A lot of passengers have received emails and still went ahead to the airport for disruptions which they received notification for, only to discover later that they had received such notifications earlier,” he added.

The NCAA spokesperson further encouraged passengers to patronise registered travel agencies affiliated with the National Association of Nigerian Travel Agencies (NANTA), noting that such agencies can be held accountable for negligence.

“I would encourage you, from the NCAA perspective, to do business with travel agencies who are members of the National Association of Nigerian Travel Agencies ( NANTA),” he said.

Mr Achimugu said the increasing number of complaints linked to poor communication between airlines, agents and passengers highlights the need for travellers to take greater responsibility for monitoring travel information directly from airlines.

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