Mutual Benefits posts 34% increase in annual profit

Mutual Benefits Assurance Plc has reported a profit before tax of N5.04 billion for the financial year 2020, up 34 percent from N3.75 billion in 2019.

The company said its profit after tax rose to N5.11 billion in 2020 from N3.61 billion a year earlier.

Its gross premium written increased to N19.98 billion from N18.69 billion while net premium income grew to N16.08 billion from N15.29 billion.