The Chairman of Nigeria’s Mutual Benefits Assurance Group, Mr Chamberlain Oyibo, on Thursday said the group recorded N10.1 billion gross premium income in its 2011 financial year.
Oyibo, at the company’s 16th Annual General Meeting in Lagos, said the N10.1 billion was mainly earnings from non-life and life insurance businesses.
According to him, the company’s gross premium written for 2011 was N5.47 billion which represented a 62 per cent increase over the N3.36 billion declared in 2010.
“The Mutual Benefits Group posted N10.1 billion gross premium income in 2011, while we posted N5.47 billion gross premium written the same year,” he said.
Oyibo said the company’s profit before tax increased by three per cent from N892.29 million in 2010 to N916.99 million.
The Group Managing Director, Mr Akin Ogunbiyi, said the 2011 Annual General Meeting was delayed to enable the company consolidate on its application of the International Financial Reporting Standard (IFRS).
“Besides insurance business, we have investments in real estate, mortgage loans and transportation logistics, among others.
“We are working assiduously to make all our accounts IFRS compliant to the regulator’s approval,” he said.
Ogunbiyi said that IFRS application had boosted the company’s ability to pay dividend for the 2011 year.