Mutual Advantages posts N3.6b revenue

Mutual Advantages posts N3.6b revenue

By Omobola,  Tolu-Kusimo

 

Mutual Advantages Assurance Plc has  recorded a revenue after revenue tax of N3.61 billion within the 12 months ended 2019, a 214 per cent improve from N1.15 billion recorded in 2018.

In response to the agency, its gross premium rose by 18 per cent from N15.84 billion in 2018 to N18.7 billion final 12 months.

Internet premium revenue stood at N15.29 billion, representing a 13 per cent improve from N13.48 billion in 2018.

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The corporate additionally recorded a development in underwriting revenue of 77 per cent, which rose to N5.four billion from N3.1 billion recorded in 2018 and a 13 per cent improve in internet underwriting revenue from N13.96 billion within the earlier 12 months to 15.77 billion within the 12 months underneath evaluate.

Shareholders’ fund for the 12 months underneath evaluate stands at N13.43 billion, a 50.33 per cent improve from the earlier 12 months’s N8.94 billion, whereas complete property grew by 14 per cent from N59.four billion in 2018 to N67.eight billion in 2019.

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The corporate and its subsidiary, Mutual Advantages Life Assurance, nevertheless, paid mixed claims amounting to N21 billion in 2019. The Normal Enterprise paid N3.2 billion, whereas Life Enterprise paid N17.eight billion.

The Managing Director, Mutual Advantages Assurance Plc, Femi Asenuga, stated: “A twin strategy of elevated income drive and extra strong underwriting course of in 2019 ensured a powerful 77 per cent improve in underwriting revenue from N3.1 billion in 2018 to N5.four billion in 2019.’’

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On the corporate’s five-year strategic plan tagged Challenge One Reloaded, Asenuga stated they’d made large strides in the direction of delivering extra progressive and cutting-edge options to our teeming clients with the launch of a beautiful, user-friendly web site with e-commerce capabilities and a mobile-application.

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