Mutual Benefits Slips Into N9.3m Loss In Q2 2021 Despite 57.45% Rise In Premium

Mutual Benefits Assurance Plc, a major player in Nigeria’s insurance sector has released its consolidated and separate statement of profit or loss for the year ended 30th June 2021 with a group loss after tax of N9.337 million in the second quarter (Q2) from a profit of N634.976 million in Q2 2020.

The group also recorded a loss of N1.984 billion in the half year 2021 compared with a profit of N1.567 billion in H1 2020.

Gross premium written rose by 57.45% to N7.228 billion in Q2 2021 from N4.591 billion in Q2 2020 while the figure for the half year rose to N15.340 billion from N10.167 billion in H1 2020.