Mutual Benefits Assurance Plc reported a pre-tax profit of N13.89 billion for the 9 months ended September 30, 2026, representing a decline of 9.1% from N15.28 billion within the corresponding interval of 2025, regardless of development in insurance revenue.
According to the corporate’s unaudited consolidated monetary statements for the interval ended September 30, 2026, insurance revenue elevated by 7.1% to N65.16 billion from N60.86 billion.
However, larger insurance service bills and weaker funding earnings affected the group’s nine-month profitability, with profit after tax declining by 14.1% to N12.27 billion from N14.28 billion.
Key Highlights
- Insurance revenue: N65.16 billion (Up 7.1% YoY from N60.86 billion).
- Insurance service bills: N60.71 billion (Up 24.0% YoY from N48.97 billion).
- Insurance service end result: N5.20 billion (Down 44.5% YoY from N9.36 billion).
- Net funding earnings: N9.91 billion (Down 14.0% YoY from N11.52 billion).
- Net insurance and funding outcomes: N13.72 billion (Down 26.2% YoY from N18.60 billion).
- Profit after tax: N12.27 billion (Down 14.1% YoY from N14.28 billion).
- Earnings per share: 57 kobo (Down from 69 kobo).
- Total property: N207.90 billion (Up 18.0% from N176.25 billion).
- Total fairness: N86.67 billion (Up 24.3% from N69.73 billion).
- Cash and money equivalents: N40.13 billion (Up 4.6% from N38.35 billion).
Driving the numbers
Mutual Benefits Assurance’s insurance revenue development was supported by its non-life enterprise, which contributed N47.5 billion, representing 73% of group insurance revenue.
- Life and medical insurance accounted for the remaining N17.6 billion, or roughly 27%.
- Motor insurance remained the group’s largest product line, producing N20.7 billion, equal to about 32% of whole insurance revenue.
- Motor insurance revenue elevated by 15%, whereas hearth insurance revenue rose by 18%.
However, aviation insurance revenue declined to N130 million from N1.50 billion within the corresponding interval of 2025.
Despite the rise in insurance revenue, insurance service bills grew at a quicker charge of 24% to N60.71 billion from N48.97 billion.
- Consequently, the insurance service end result earlier than reinsurance fell to N4.45 billion from N11.89 billion.
This strain was partly offset by an enchancment in reinsurance efficiency, with the group reporting web reinsurance earnings of N744.16 million, in contrast with a web expense of N2.53 billion a yr earlier.
- Nevertheless, the general insurance service end result declined by 44.5% to N5.20 billion from N9.36 billion.
Investment earnings and profitability
Net funding earnings declined by 14% to N9.91 billion from N11.52 billion.
- Although curiosity revenue elevated to N8.67 billion from N7.80 billion, the group recorded web international change losses of N793.33 million, in contrast with beneficial properties of N192.29 million within the corresponding interval of 2025.
- Profit on funding contracts additionally declined to N1.39 billion from N3.03 billion, contributing to the weaker funding efficiency.
As a end result, web insurance and funding outcomes declined to N13.72 billion from N18.60 billion.
However, different earnings elevated considerably to N1.78 billion from N153.19 million, with administration’s monetary highlights attributing roughly N1.6 billion to the group’s oil and gasoline subsidiary, Mutual Exploration and Production Limited.
Other working bills declined to N1.17 billion from N2.73 billion, whereas worker profit bills decreased to N856.12 million from N1.15 billion.
Despite these price reductions, the decline in insurance service and funding outcomes weighed earnings, with pre-tax profit falling by 9.1% to N13.89 billion.
Income tax expense elevated to N1.62 billion from N999.63 million, leaving profit after tax at N12.27 billion, in contrast with N14.28 billion in 9M 2025.
Third-quarter earnings enhance
Mutual Benefits Assurance recorded a stronger efficiency within the third quarter, with insurance revenue rising by 16.5% to N22.91 billion from N19.66 billion in Q3 2025.
Insurance service bills declined to N16.84 billion from N19.47 billion, supporting a rise in insurance service end result to N4.56 billion from N1.39 billion.
The group additionally recognised different earnings of N1.64 billion in the course of the quarter, in contrast with N71.05 million within the corresponding interval of 2025.
Consequently, quarterly pre-tax profit elevated to N7.54 billion from N2.99 billion, whereas profit after tax rose to N6.52 billion from N2.69 billion.
The stronger third-quarter efficiency helped assist the group’s nine-month earnings regardless of the decline recorded over the total reporting interval.
Balance sheet and money circulation
Mutual Benefits Assurance’s whole property elevated by 18% to N207.90 billion as of September 30, 2026, from N176.25 billion on the finish of December 2025.
- The enhance was supported by larger monetary property measured at amortised price, which rose to N96.33 billion from N86.99 billion, alongside a rise in reinsurance contract property to N18.49 billion from N15.25 billion.
- Other notable asset actions included N8.65 billion positioned with the Central Bank of Nigeria as a part of the group’s recapitalisation course of, whereas commerce receivables rose to N4.53 billion from N2.16 billion.
On the funding aspect, whole liabilities elevated by 13.8% to N121.22 billion from N106.52 billion, pushed largely by larger insurance contract liabilities, which rose to N69.15 billion from N58.06 billion.
- Investment contract liabilities additionally elevated to N37.83 billion from N36.78 billion, whereas borrowings remained unchanged at N400.87 million.
- Total fairness rose to N86.67 billion from N69.73 billion, supported by retained earnings and an N8 billion capital injection into Mutual Benefits Life Assurance Limited by different shareholders.
However, money circulation efficiency was weaker. Net working money circulation recorded an outflow of N4.3 billion, in contrast with an influx of N6.7 billion in 9M 2025.
- Financing actions generated a web influx of N7.2 billion, reflecting the N8 billion subsidiary share issuance, partly offset by dividend funds of N802.47 million.
Despite the working money outflow, money and money equivalents ended September at N40.13 billion, in contrast with N38.35 billion at December 2025.
Market response
Mutual Benefits Assurance shares gained 1.64% to shut at N3.09 on Friday, October 30, 2026, in contrast with N3.04 within the previous buying and selling session.
However, the inventory recorded a year-to-date lack of 0.32%, whereas its month-to-date efficiency was detrimental 1.28%, based on the equipped market information.
At the closing value of N3.09, the corporate’s market capitalisation stood at roughly N61.99 billion.
