Guardian

NOTWITHSTANDING the hostile business environment, Mutual Benefits Assurance Plc has announced a gross premium income of N5.471 billion for the year ended December 31, 2011.

This represents an increase of 62 per cent over N3.368 billion recorded in the corresponding period of 2010, while the profit before tax increased by three per cent from N892.293 million to N916.996 million.

The Chairman of the company, Chief Chamberlain Oyibo, addressing shareholders at the 16th yearly general meeting of the company held in Lagos, said, “as it is our mission statement to transcend the expectations of our stakeholders, your great company has performed fairly well against all odds during the year. It is with pleasure I announce to you that the business recorded a great increase in the year 2011 with gross premium income rising by 62 per cent from N3.368 billion to N5.471 billion, while the profit before tax increased by three per cent from N892.293 million to N916.996 million in 2011.”

He said, “your company is still investing in the construction of the N3 billion Mutual Alpha Courts at Costain, Lagos. The project has reached about 75 per cent completion and it is indeed delightful to inform you that all the 60 units have been sold. Investment in the Oil Marginal field is almost at its completion stage, while other investments are yielding returns in line with our projections.”

He told the shareholders that the board of directors are mindful of the added value to your investment and to also deliver good and appreciable returns.

However, he said, due to the changes in financial reporting requirements in compliance with the International Financial Reporting Standard (IFRS), the consolidation of the subsidiaries accounts into the group balance sheet has made declaration of a dividend impossible this year.

Oyibo, however, assured shareholders that “despite the challenges of year 2011, we are quite grateful to God and management for the modest achievements recorded, adding this is only the beginning.”

“The support of our esteemed customers and indeed our insurance brokers is highly appreciated. With this level of support, co-operation and belief in us, along with the dynamism of our strategies, Mutual is poised to deliver greater competitive advantage over other operators in the industry, while we look forward to another profitable year together.”