Mutual Benefits Assurance reports N9.34m quarterly loss

Mutual Benefits Assurance Plc has posted a loss after tax of N9.34 million for the second quarter of this year, compared with a profit after tax of N634.98 million in the same period of 2020.

The company’s profit before tax fell to N25.71 million from N667.82 million in Q2 2020, according to its unaudited financial statements obtained by Markets Reporters.

Its net premium income, however, jumped to N6.52 billion in the period under review from N3.58 billion n Q2 2020 as gross premium written rose to N7.23 billion from N4.59 billion.

The company saw its net underwriting expenses increase to N4.14 billion from N3.53 billion in Q2 2020.