Speaking to journalists at the end of the company’s 26th annual thanksgiving service in Lagos at the weekend, its chairman, Dr Akin Ogunbiyi, disclosed that Mutual Benefits Life Assurance Limited is now recapitlised to the tune of N8.8 billion while Mutual Benefits General is capitalised to about N12billion, bringing the total capitalisation of the group to N20 billion.
“We have fully recapitlised as far back as December 2020. Our Mutual life is recapitlised to the tune of N8.8 billion and our general business is about N12 billion. So, we are fully recapitalised,” he stressed. Disclosing that the company is working on a five-year plan tagged ‘Project One Reloaded’ to become the leader in five critical areas in insurance industry, he states that Mutual Benefits is currently leading the insurance industry in the area of customer services, promising to extend this feat to other areas, such as Gross premium income, profitability, among others.
Earlier, at the thanksgiving service, 50 staff who have spent between five to 25 years in the employment of the company as well as some outstanding marketers were awarded with Long Service Award as well as commitment to grow the bottomline of the company. Ogunbiyi charged the company’s staff to increase their productivity in a bid to further grow the bottom line of the underwriting firm, while thanking God for what he has done in his life and the life of the insurance firm.
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