Business Journal


Mutual Benefits Assurance @ 28: Committed to Deepening Insurance Penetration in Nigeria

L-R: Company Secretary, Mutual Benefits Assurance Plc, Babajide Ibitayo; Managing Director/CEO, Mutual Benefits Life Assurance Limited, Biyi Ashiru-Mobolaji; Managing Director, Mutual Benefits, Niger Republic, Mamadou Abdoulaye; Former Prime Minister Niger Republic/Chairman, Mutual Benefits, Niger Republic, Cheiffou Amaduo; Group Chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi and Managing Director/CEO, Mutual Benefits Assurance Plc, Mr. Femi Asenuga at the Mutual Benefits 28th Annual Thanksgiving Service in Lagos.

Mutual Benefits Assurance Plc celebrated its 28th anniversary last Saturday in Lagos with a firm commitment to continue to deepen insurance penetration in Nigeria through excellent customer service, competitive pricing of products and services and innovation.

Dr. Akin Ogunbiyi, the Group Chairman of Mutual Benefits Assurance Plc, said at the 28th annual thanksgiving service of the company that God is the foundation of the insurance firm, right from inception till date.

“Our 28th annual thanksgiving service is a great opportunity to testify to the goodness of the Lord in the life of Mutual Benefits Assurance in the past 28 years. Our faith in God gave us the strength to withstand and scale all the challenges of the insurance industry in Nigeria and also the rare dedication of the Board, Management and staff of the company- the Mutual family. I also thank members of the media for their unwavering support to Mutual Benefits Assurance since the inception of the company 28 years ago.”

Ogunbiyi emphasised that Mutual Benefits Assurance Plc is committed to its corporate goal of deepening insurance penetration in Nigeria.

“We have value-added products and services for our individual and corporate clients. We are very innovative in our corporate and individual offerings. We shall continue to build on our competitive advantage in the Nigerian insurance market to achieve sustainable growth and profitability. We are a great company. We shall remain great. We are strong and we shall remain strong in this market.”

He expressed deep appreciation to serving and retired staff of the company for their contribution towards the success attained so far in the market by the company.

“I want to assure our partners and other stakeholders, that no matter how uncertain and challenging the economic situation maybe, Mutual Benefits will remain stable, strong and prosperous. However, we have more work to do. We are irrevocably committed to further deepening insurance penetration and we will (with every sense of responsibility) deliver beneficial wealth creating values to doorsteps in Nigeria, Liberia, Niger Republic and beyond. Our highly beneficial values to customers will forever remain unequalled. We will sustain our competitive advantage and never relent in differentiating Mutual Benefits with unique attributes.”

On the future outlook, the Mutual Group Chairman said:

“Our company has been distinguishing itself with services that are of immense beneficial values and that was why we were deservedly adjudged Africa’s Most Innovative Company by the African Reinsurance Corporation. We will always be upfront in doing our best and transparently communicating the intrinsic and extrinsic values of our offerings.”

In his welcome address, Mr. Femi Asenuga, the Managing Director/CEO of Mutual Benefits Assurance Plc, said the theme for the company’s 28th anniversary thanksgiving is: The Lord Our Helper. He said the theme aptly captures the help of God in the affairs of the company in the period under review.

Asenuga said: “We shall mark our 29th year of existence in 2024. We return all the glory to God for the support over the years. We extend our hand of gratitude to our stakeholders for honouring us today and being an integral part of our journey.”

He added that Mutual Benefits Assurance Plc is ready to break new grounds in the Nigerian insurance industry through cutting-edge innovation and service delivery.


About Mutual

Mutual Benefits Assurance Plc (MUTUAL) has evolved into a conglomerate consisting of value-adding companies with diverse interests in various sectors of the Nigerian economy through investments, strategic alliances, and partnerships.

Today, MUTUAL is a leading brand in the Nigerian insurance industry, with over 3,000 staff and marketing executives in its employment. The company has over 250, 000 satisfied customers in Nigeria and the West African sub-region.

Its subsidiaries include Mutual Benefits Life Assurance Limited, Mutual Benefits Micro-Finance Bank, Mutual Benefits Assurance Niger SA and Mutual Benefits Assurance Co. Liberia.



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