LAGOS – Mutual Benefits Assurance Plc is setting its sights on becoming a top-tier player in Nigeria’s insurance industry. The company’s Board Chairman, Dr. Akin Ogunbiyi, announced this strategic ambition during the firm’s 29th annual thanksgiving service in Lagos.
Rather than acquiring another underwriting firm, Mutual Benefits is investing heavily in the oil and gas sector, a move expected to solidify its market position. Ogunbiyi revealed that the company’s strategic investments in oil assets, which have now gone into production, will significantly boost its standing.
“Two years from now, with our strategic investment in oil assets, which have gone into production, Mutual Benefits will be the biggest insurance company in the industry. Apart from the substantial investment, the company is also the financier of these assets,” he stated.
Ogunbiyi emphasized that Mutual Benefits sought a long-term investment opportunity that aligned with its life fund strategy. With the approval of the National Insurance Commission (NAICOM), the company directed its resources into oil assets, positioning itself for continuous growth.
Despite the looming industry recapitalization, Ogunbiyi dismissed any plans of acquiring smaller companies, affirming that Mutual Benefits is well-prepared for any regulatory adjustments. He reassured shareholders and policyholders that the company would navigate any recapitalization process smoothly should NAICOM introduce new capital requirements.
Speaking on the company’s annual thanksgiving, Ogunbiyi attributed the firm’s success to divine intervention. He noted that since its inception in 1995, Mutual Benefits has received immense support and guidance, making thanksgiving a crucial part of its corporate culture.
“Since I gave my life to Christ in 1976, God has taken care of my entire life and everything. I give Him all the glory. If your prayers are not answered in time, resort to thanksgiving,” he said.
Femi Asenuga, Managing Director/Chief Executive Officer, highlighted the company’s financial growth despite economic challenges. He reported that Mutual Benefits grew its gross premium written to about N40 billion in the last financial year, up from N23 billion recorded in the previous year.
Mutual Benefits’ bold strategy, strong financial performance, and faith-driven leadership reinforce its ambition to lead the Nigerian insurance market within the next two years.
