Mutual Benefits records N13.89 billion pre-tax profit as insurance revenue hits N65.16 billion
Mutual Benefits Assurance Plc reported a pre-tax profit of N13.89 billion for the nine months ended September 30, 2026... The post Mutual Benefits records N13.89 billion pre-tax profit as insurance revenue hits N65.16 billion appeared first on Nairametrics .
Mutual Benefits Assurance Plc reported a nine-month pre-tax profit of N13.89 billion for the period ending September 30, 2026, marking a 9.1% decline compared to N15.28 billion in the same period last year. Despite a rise in insurance revenue, higher service expenses and weaker investment income impacted profitability. The insurance revenue grew by 7.1% to N65.16 billion, up from N60.86 billion, driven largely by the non-life business contributing N47.5 billion, or 73% of the group's insurance revenue.
However, aviation insurance revenue fell to N130 million, down from N1.50 billion. Insurance service expenses increased by 24% to N60.71 billion, while net insurance and investment results declined by 26.2% to N13.72 billion. Profit after tax, however, decreased by 14.1% to N12.27 billion. Total assets grew by 18% to N207.90 billion, and total equity increased by 24.3% to N86.67 billion.
Cash and cash equivalents rose by 4.6% to N40.13 billion. Despite the overall decline, the company's shares gained 1.64% to close at N3.09 on October 30, 2026.
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