Shareholders Endorse N802.5 Million Dividend Payout
Shareholders of Mutual Benefits Assurance Plc have given their nod to the payment of N802.5 million as dividend for the 2025 financial year. The approval came during the company's Annual General Meeting (AGM) held in Lagos on Thursday, August 7, 2026. The dividend, which translates to 55 kobo per share, reflects the company's improved performance and commitment to rewarding its investors.
The dividend payout represents a significant portion of the company's profit after tax, which stood at N1.2 billion for the year ended December 31, 2025. According to the company's financial statements, the dividend was recommended by the board of directors and subsequently approved by the shareholders at the AGM.
Directors Re-elected at AGM
In addition to the dividend approval, shareholders also re-elected some directors to the board of Mutual Benefits Assurance. The re-elected directors include Chief (Mrs.) Aisha Bello, who has served on the board since 2019, and Alhaji Sani Abdullahi, a non-executive director. Their re-election was based on the positive contributions they have made to the company's growth.
The Chairman of the Board, Mr. Femi Adeyemi, expressed gratitude to the shareholders for their continued support and confidence in the board. He noted that the company's performance in 2025 was a testament to the resilience and dedication of the management team, despite the challenging economic environment.
Company Performance and Outlook
Mutual Benefits Assurance reported a gross premium income of N15.6 billion in 2025, representing a 12% increase from N13.9 billion recorded in the previous year. The company also saw a rise in its total assets, which grew by 18% to N48.2 billion, driven by strategic investments and expansion of its product portfolio.
The Managing Director, Mr. Nnamdi Okonkwo, attributed the strong performance to the company's focus on customer-centric solutions and digital transformation initiatives. "Our investment in technology has enabled us to improve service delivery and operational efficiency, which has positively impacted our bottom line," he said.
Shareholders Express Satisfaction
Some shareholders who spoke at the AGM expressed satisfaction with the dividend payout and the company's performance. The National Coordinator of the Independent Shareholders Association of Nigeria, Mr. Gbenga Idowu, commended the board for the consistent dividend payment, noting that it reflects the company's stability and profitability.
Another shareholder, Mrs. Funke Ogunleye, urged the company to sustain its growth trajectory and consider increasing the dividend in the coming years. She also called on the management to explore new markets and product lines to further enhance shareholder value.
Future Prospects
Looking ahead, Mutual Benefits Assurance plans to deepen its penetration in the retail insurance segment and leverage technology to reach more customers. The company is also exploring partnerships with fintech companies to offer innovative insurance products tailored to the needs of the Nigerian market.
With the approval of the dividend and re-election of directors, the company is poised to continue its growth path, providing value to its shareholders and contributing to the development of the insurance industry in Nigeria.
