MUTUAL BENEFITS SETTLES N5.94BN IN CLAIMS FOR JANUARY
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By: Balogun Ibrahim
Mutual Benefits Assurance paid a total of N5.94bn in claims to policyholders in January 2026, highlighting its strong financial capacity and commitment to timely claims settlement.
The figures were revealed in a statement released by the insurer on Friday.
A breakdown showed that N3.43bn was paid under the General (Non-Life) Insurance portfolio, while N2.51bn was disbursed across Life businesses, including Group Life and Retail Life policies.
Commenting on the development, Mr Olufemi Asenuga, Managing Director of Mutual Benefits Assurance Plc, said that claims settlement is central to the promise of insurance and the ultimate measure of an insurer’s credibility.
“Insurance is built on trust. Settling over N5.94bn in claims in a single month reflects not only our financial strength but also our unwavering commitment to our policyholders. At Mutual Benefits, we don’t just sell policies—we honour our promises,” he said.
With more than three decades of operations, Mutual Benefits Assurance has consistently established itself as a well-capitalised and reliable insurer.
The company operates both Life and General Insurance businesses and remains fully compliant with regulatory capital requirements as stipulated by the National Insurance Commission.
The January payout highlights Mutual Benefits Assurance’s robust underwriting standards, prudent risk management, and efficient claims administration framework. It also reflects the company’s track record of substantial claims settlements in recent years, reinforcing its reputation as a trusted brand in the Nigerian insurance sector.
The insurance regulator, NAICOM, has consistently emphasized that verifiable claims must be paid promptly, a standard that Mutual Benefits continues to uphold.
By consistently settling valid claims without delay, the firm strengthens customer confidence, enhances market trust, and expands its presence across both retail and corporate segments.
“As we begin 2026 on a strong footing, we reaffirm our commitment to innovation, service excellence, and delivering value to our policyholders and stakeholders. Mutual Benefits Assurance remains focused on providing reliable risk protection solutions while upholding the highest standards of professionalism and integrity,” the company concluded.
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