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Mutual Benefits Assurance Plc reports N3.53bn profit for H1 2022

Saturday, 20 August 2022, 11:43 pm
in Business, Companies
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Mutual Benefits Assurance Plc reports N3.53bn profit for H1 2022
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Mutual Benefits Assurance Plc (NGX: MBENEFIT) has reported a profit of N3.53 billion for the half year period ended 30th June, 2022.

By increasing both its Gross premium and investment income, MBENEFIT was able swing from a N1.98 billion loss in H1 2021 to N3.53 billion profit in H1 2022, a 278.28% upward move.

Read also; Sterling Bank Plc Shareholders to meet as it transitions to a HoldCo

In its unaudited interim financial statements as at 30th June, 2022 sighted by Investogist, the Directors stated that they have made assessment of the Group’s and the Company’s ability to continue as a going concern and have no reason to believe that the Group and the Company will not remain a going concern in the 12 months from the date of issuance of the financial statements.

Analysis of the Financial Statements

Income Statement:

  • Gross Premium Written: The gross premium written went up by 20.25% to N18.44bn, from N15.34bn reported in H1 2021. Of the premium written, N11.00bn was from Non-Life Insurance while N7.43bn was from life insurance. Non-life contributed N9.61bn in H1 2021, while life insurance contributed N5.72bn.
  • Investment income: MBENEFIT increased its Investment income by 100.72%, up from N559mn reported in H1 2021 to N1.12bn. N700.56mn of the investment income was interest income from treasury bills, while N281.89mn was from interest income on fixed term deposits.
  • Management Expenses: Management expenses went up by 22.49%, from N1.04bn to N1.07bn. While N236.46mn was spent on Repairs and maintenance, N223.27mn was spent on Insurance supervisory fee, and N207.60n on Public relations and advertising.
  • Employee benefit expenses: MBENEFIT spent N1.03bn on wages in H1 2022, against N998.92mn it spent in H1 2021.
  • Profit Before Tax: N3.93 billion, compared to a loss of N1.98 billion in H1 2021.
  • Profit After Tax: N3.53 billion, compared to N1.98 billion loss in H1 2021.
  • Earnings Per Share: 17 kobo (Nil in H1 2021).

Balance Sheet:

  • Total Assets: N89.63 billion, compared to N83.78 billion as at 31st December 2021 (6.99% Increase). Of these assets, N49.81bn is Financial assets at amortised cost, while cash and bank balances was N16.25bn.
  • Total Liabilities: N66.30 billion, compared to N63.90 billion as at 31st December 2021 (3.76% Increase). Investment contract liabilities and insurance contract liabilities stood at N31.14 billion and N26.60 billion respectively.
  • Shareholders’ Fund: stood at N21.94 billion, a 19.22% increase from N18.40 billion as at 31st December 2021.
  • Retained earnings: N3.82bn, against N888.00mn as at 31st Dec. 2021, 330.9% up.

Cashflow:

  • Operating activities: N2.46 billion was generated from operating activities, against N237.22 million used in H1 2021.
  • Investing activities: N1.58 billion was generated from investing activities, against N1.00bn generated from the same activity in H1 2021.
  • Financing activities: N1.84 billion was used in financing activities, against N98.62 million used in H1 2021.
  • Cash and cash equivalents at the end of the period was N16.25 billion.

There was no corporate action announcement following the release of the financial statements.

About the Company

Mutual Benefits Assurance Plc (“the Company”) (RC 269837) was incorporated as a private limited liability company on 18 April 1995, granted the Certificate of Registration as an insurer by the National Insurance Commission (NAICOM) on September 1995 and commenced operations on 2 October 1995 and became a public liability company n 24 May 2001. Mutual Benefits Assurance Plc is a financial, wealth protection company in Nigeria. The Company is listed on the Nigerian Stock Exchange.

The address of the registered office is: Aret Adams House, 233 Ikorodu Road, Ilupeju, Lagos.

The Company invests policy holders funds and pays claims arising from insurance contract liabilities in line with the provisions of Insurance Act, CAP 117, Law of the Federal Republic of Nigeria 2004 and NAICOM prudential guidelines.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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