Mutual Benefits Assurance Plc has posted a loss after tax of N465.792 million for the third quarter ended September 30, 2016 as against profit after tax of N742.410 million a year earlier.
Loss before tax stood at N310.656 million in 2016 as against pretax profit of N1.006 billion reported a year earlier. According to a notice from the Nigerian Stock Exchange (NSE), the statement of financial position as at the period under review showed gross premium written also dropped to N9.812 billion in 2016 as against N12.096 billion recorded a year earlier, indicating a decrease of 18.88 per cent.
The underwritten firm posted a profit after tax of N387.630 million for the half year ended June 30, 2016. The PAT represents a drop of 85 per cent over N2.661 billion recorded during the same period of 2015. Profit before tax stood at N493.865 million in 2016 as against N2.747 billion reported a year earlier, accounting for a dip of 82.02 per cent.
Gross premium written also fell to N6.373 billion in 2016 as against N10.087 billion recorded a year earlier, indicating a drop of 36.82 per cent. Mutual Benefits Assurance posted a pre-tax profit of N1.195 billion for the financial year ended December 31, 2015.
The pre-tax profit accounted for a decrease of 81 per cent over N4.980 billion recorded during the same period of 2014. Profit after stood at N812.048 million in 2015 as against N4.980 billion reported a year earlier, representing a decline of 76 per cent.
The statement of financial position as at the period under review showed gross premium written dropped to N14.598 billion in 2015 as against N15.451 billion recorded a year earlier, indicating a slip of 6 per cent.
The underwriter recently signed a Memorandum of Understanding with Cool World, a subsidiary of PZ Cussons, to provide insurance cover for its products.
The Group Managing Director, Mutual Benefits Assurance, Dr. Akin Ogunbiyi, said the partnership would expand its insurance service to more Nigerians.
“By this partnership, all products bought by customers of the firm in the country will be insured against losses such as household damage from fire, material damage and theft among others,” he said.
Ogunbiyi said the company was taking this initiative to add value to the products sold by Cool World through insurance, adding that it hoped to extend this service to its customers in West African countries