Mutual Benefit Assurance Plc has turned the corner by recording strong underwriting profit as insurers in Africa’s most populous nation continue to grapple with a weak naira, fall in oil price and dollar shortages.
For the first six months through June 2016, Mutual Benefit recorded an underwriting profit of N2.90 billion, which means the company’s underwriting capacity is efficient.
With a combined ratio (CR) less than the 100 percent threshold, it means the Nigerian insurer is profitable and its profit is above the cost of capital.
Mutual Assurance’s CR increased to 49.10 percent in June 2016 as against 43.61 percent as at June 2015.
