Mutual Benefits Assurance marks 30 years, highlights $64m oil investment, strong capital, and tech-driven growth plans

Mutual Benefits Assurance Plc has reaffirmed its strong capital position and readiness to scale amid the ongoing insurance industry recapitalisation, as it celebrated 30 years of operations with a thanksgiving service in Lagos.

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Speaking at the event, Chairman Dr. Akin Ogunbiyi highlighted the company’s evolution from a modest local insurer with N5 million initial capital to a diversified financial services group with regional footprints.

He revealed that Mutual Benefits has invested $64 million in a producing oil asset, reflecting its long-term growth strategy.

Ogunbiyi also pointed to the company’s regional subsidiaries, noting that its operations in Niger Republic are now the second-largest insurer in that market, with prospects of becoming the leader following the exit of some francophone competitors.

Reflecting on the company’s journey, he recounted challenges including a liquidity crisis in 2020, which was resolved with a $10 million capital injection from U.S. investors, and the successful resolution of a debt dispute at a London court. He praised staff resilience in navigating industry crises such as the Daewoo loan challenge.

Managing Director/CEO Olufemi Asenuga said that while mergers and acquisitions remain an option, the company’s current focus is leveraging technology to revive and expand its microinsurance business, overcoming prior high distribution costs.

Asenuga assured stakeholders that Mutual Benefits is well positioned for the ongoing recapitalisation exercise, having exceeded the minimum capital requirements of N10 billion for Life insurance and N15 billion for General insurance years ahead of regulatory mandates.

He added that the company’s diversification into the energy sector provides a hedge against domestic economic cycles, underpinning long-term stability and growth.

The thanksgiving service, themed “Fulfilling Purpose,” drew financial sector leaders, staff, industry stakeholders, well-wishers, and former Commissioner for Insurance Fola Daniel.

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Mutual Benefits Assurance Plc continues to combine regulatory compliance, strategic investment, and technology-driven initiatives to strengthen its market leadership as it celebrates three decades of operations.