Executive Director (Technical), Mutual Benefits Assurance Plc, Joseph Oladokun (left) poses with the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, following the presentation of renewed licence certificates to insurance companies that successfully met the Commission’s new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The ceremony was held in Abuja on Tuesday.
The presentation marks another defining milestone for the Mutual Benefits Group, with both Mutual Benefits Assurance Plc and Mutual Benefits Life Assurance Ltd successfully meeting NAICOM’s recapitalisation requirements.
Beyond regulatory compliance, the achievement reinforces the Group’s financial strength, resilience and capacity to underwrite larger and more complex risks while delivering faster claims settlement, innovative insurance solutions and exceptional value to customers, brokers and other stakeholders.
With a stronger capital base and renewed licence, Mutual Benefits is strategically positioned to redefine industry standards, accelerate digital innovation, expand insurance penetration and contribute meaningfully to the growth and transformation of Nigeria’s insurance industry.
