Mutual Benefits Records N66.8m Profit
Mutual Benefits Assurance Plc has announced N66.8 million profit after tax during the six months ended June 30, 2004, compared with N49.8 million in 2003.
The company's unaudited financial results for the period released to the market operators by the Nigerian Stock Exchange (NSE) also showed gross premium of N439.5 million in 2004, as against N253.4 million in the comparable period of 2003.
The company's annual report for the financial year ended 2003 also revealed a consolidation of the gains from the previous year's performance. It recorded improvement in all the indices during the period. Its gross premium income increased by 73 per cent from N368.24 million in year 2002 to N638.33 million in year 2003, while profit before taxation stood at N75.25 million representing 77 per cent increase over the previous year which was N42.50 million. The company's insurance funds equally rose from N125.99 million to N268.28 million representing an increase of 113 per cent.
The company's Life & Pension unit became fully operational during that period as it contributed N37.909 million to the total premium written for the year. The company recorded a total of N177 million paid out in claims settlement to its various clients.
The company also declared a dividend of five kobo for every 50 kobo ordinary share held. The total profit declared for this distribution would therefore translate to N29.348 million which was subject to withholding tax at the prevailing rate.
The company's performance in year 2000 and 2003 was almost 100 per cent increase with 75 per cent increase on year 2002 performance, while expectation was high to record a 100 per cent performance for this year.
As part of its efforts to improve on its corporate image, the company acquired a one acre landed property located at 220 Ikorodu Road, Palmgrove, Lagos for the development of its Head Office structure which is expected to commence soon.
Reviewing the company's performance recently in Lagos, the Managing Director, Mr. Akin Ogunbiyi was delighted over the comments of the shareholders during its recent Annual General Meeting (AGM) that were encouraging.
The shareholders had commended the board and management for the excellent performance of the company during the year under review.
He said that the shareholders commendation was a challenge to challenge to them to do far better this current year. As part of its staff motivation strategy, the company's board during the period under review, approved the promotion of Mr. Godspower Agofure to the position of Executive Director. He was until his recent elevation, the General Manager, Operations. He is an Associate of the Chartered Insurance Institute, London and also an insurance alumnus of the University of Lagos.
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