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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to OCR text of the page image; matched to OCR text and compared cell by cell with the page image; read from the page image) (9 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Mutual Benefits Assurance

MBENEFIT · Nigerian Exchange · Consolidated statements

On this page
Company details
Legal name
Mutual Benefits Assurance Plc
Listing
MBENEFIT on the Nigerian Exchange, active · ISIN NGMBENEFT000 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

  • Insurance revenue (IFRS 17)

    NGN 80.0 billion

    80,049,644 NGN thousands · p28

    +19.6% vs 2024

    IFRS 17 insurance revenue, as printed: not gross written premiums.

  • Insurance service result

    NGN 8.77 billion

    8,766,874 NGN thousands · p28

    +718.9% vs 2024

  • Profit / (loss) for the year

    NGN 16.4 billion

    16,415,451 NGN thousands · p28

    +45.0% vs 2024

  • Total assets

    NGN 176 billion

    176,247,935 NGN thousands · p30

    +19.8% vs 2024

  • Insurance contract liabilities

    NGN 58.1 billion

    58,063,651 NGN thousands · p30

    +23.5% vs 2024

  • Total equity

    NGN 69.7 billion

    69,725,301 NGN thousands · p30

    +27.3% vs 2024

Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Insurance revenue 80,049,644 66,916,138
Insurance service expense (70,856,819) (68,142,804)
Insurance service result before reinsurance contracts held1 9,192,825 (1,226,666)
Net (expenses)/income from reinsurance contracts held (425,951) 2,297,220
Insurance service result 8,766,874 1,070,554
Profit on investment contracts2 2,535,594 2,610,072
Interest income calculated using the effective interest method 10,878,831 6,570,124
Net fair value gain on assets 881,062 1,796,085
Impairment writeback/(charge) on financial assets 461,856 (629,980)
Net foreign exchange (loss)/gains (659,666) 5,255,803
Other investment (expenses)/income3 (104,764) 141,657
Net investment income 13,992,913 15,743,761
Net finance expenses from insurance contracts issued (4,282,633) (1,678,470)
Net finance income from reinsurance contracts held4 1,392,449 223,397
Net insurance finance expenses (2,890,184) (1,455,073)
Net insurance and investment results 19,869,603 15,359,242
Other income 223,519 192,699
Other employee benefit expenses (1,176,537) (1,275,921)
Other operating expenses (1,652,938) (2,779,429)
Other finance costs (39,612) (261,468)
Other finance income 534,897 807,087
Profit before minimum taxation5 17,758,932 12,042,210
Minimum tax6 (350,645) (246,111)
Profit before income tax 17,408,287 11,796,099
Income tax (expense)/credit (992,836) (478,206)
Profit for the year 16,415,451 11,317,893
Non-controlling interests7 183,686 566,617
Exchange differences on translation of foreign operations8 468,545 11,058,558
Finance (expenses) / income from insurance contracts issued9 (2,250,851) 3,237,589
Finance income / (expenses) from reinsurance contracts held10 586,517 (1,102,059)
Net fair value gains on equity instrument at FVOCI11 121,275 272,686
Total other comprehensive income for the year, net of tax (1,074,514) 13,466,774
Total comprehensive income for the year, net of tax 15,340,937 24,784,667
Notes and alternative reported figures (11)
  1. “Insurance service result before reinsurance contracts held” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: insurance revenue less insurance service expense.
  2. “Profit on investment contracts” is an issuer-specific line, not mapped to a shared definition: Note 5; within net investment income.
  3. “Other investment (expenses)/income” is an issuer-specific line, not mapped to a shared definition: Note 10; within net investment income.
  4. “Net finance income from reinsurance contracts held” is an issuer-specific line, not mapped to a shared definition: Note 11.2; within net insurance finance expenses.
  5. “Profit before minimum taxation” is an issuer-specific line, not mapped to a shared definition: Printed subtotal before minimum tax.
  6. “Minimum tax” is an issuer-specific line, not mapped to a shared definition: Note 17.1.
  7. “Non-controlling interests” is an issuer-specific line, not mapped to a shared definition: Printed under 'Profit attributable to:'.
  8. “Exchange differences on translation of foreign operations” is an issuer-specific line, not mapped to a shared definition: OCI item that may be reclassified (note 41).
  9. “Finance (expenses) / income from insurance contracts issued” is an issuer-specific line, not mapped to a shared definition: OCI item that may be reclassified (note 11.1).
  10. “Finance income / (expenses) from reinsurance contracts held” is an issuer-specific line, not mapped to a shared definition: OCI item that may be reclassified (note 11.2).
  11. “Net fair value gains on equity instrument at FVOCI” is an issuer-specific line, not mapped to a shared definition: OCI item not reclassified (note 20.1.3).

Balance sheet

Balance sheet, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Cash and cash equivalents 38,353,365 49,164,513
Financial assets at fair value through OCI 741,207 529,389
Financial assets at fair value through profit or loss 4,092,056 348,636
Financial assets at amortised cost 86,989,796 67,392,629
Financial assets held for trading pledged as collateral1 652,802 363,988
Insurance contract assets 19 –2
Reinsurance contract Assets 15,253,422 11,898,714
Trade receivables3 2,162,302 1,266,923
Other receivables and prepayments4 2,683,044 1,554,955
Investment properties 4,350,000 5,845,000
Investments in subsidiaries5 –2 –2
Intangible assets 12,859,408 429,231
Property, plant and equipment 7,112,206 7,115,771
Statutory deposit6 500,000 500,000
Deferred tax assets 498,308 723,770
Total assets 176,247,935 147,133,519
Insurance contract liabilities 58,063,651 47,010,697
Reinsurance contract liabilities 3,452,267 2,147,782
Investment contract liabilities 36,781,660 34,176,638
Trade payables7 1,605,589 2,901,017
Other liabilities 4,123,934 3,551,844
Deposit liabilities8 656,705 724,647
Borrowings 400,870 400,870
Current income tax liabilities 1,079,418 781,516
Deferred tax liabilities 358,540 652,911
Total liabilities 106,522,634 92,347,922
Share capital 10,030,811 10,030,811
Share Premium 276,486 276,486
Treasury shares9 (250) (250)
Foreign currency translation reserve10 16,032,044 15,588,183
Contingency reserve11 7,984,617 7,984,617
Fair value reserve (75,048) (196,323)
Revaluation reserve 1,536,429 1,536,429
Insurance finance reserves12 1,131,581 2,795,915
Retained Earnings 28,086,097 12,255,565
Owners of the parent 65,002,767 50,271,433
Non-controlling interests in equity 4,722,534 4,514,164
Total equity 69,725,301 54,785,597
Total liabilities and equity 176,247,935 147,133,519
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.total_assets.
Notes and alternative reported figures (11)
  1. “Financial assets held for trading pledged as collateral” is an issuer-specific line, not mapped to a shared definition: Note 21.
  2. “Trade receivables”: mapping to a shared definition is uncertain. Trade receivables only; other receivables and prepayments printed separately.
  3. “Other receivables and prepayments” is an issuer-specific line, not mapped to a shared definition: Note 24.
  4. “Investments in subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 26; group printed '-'.
  5. “Statutory deposit” is an issuer-specific line, not mapped to a shared definition: Statutory deposit with the regulator (note 29).
  6. “Trade payables”: mapping to a shared definition is uncertain. Trade payables (insurance/reinsurance payables) only.
  7. “Deposit liabilities” is an issuer-specific line, not mapped to a shared definition: Note 35.
  8. “Treasury shares” is an issuer-specific line, not mapped to a shared definition: Equity deduction (note 40).
  9. “Foreign currency translation reserve” is an issuer-specific line, not mapped to a shared definition: Note 41.
  10. “Contingency reserve” is an issuer-specific line, not mapped to a shared definition: Statutory contingency reserve of an insurer (note 42).
  11. “Insurance finance reserves” is an issuer-specific line, not mapped to a shared definition: IFRS 17 insurance finance reserve (note 45).

Cash flow

Cash flow, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Net cash flows from operating activities 6,934,994 9,688,735
Purchase of intangible assets (49,742) (118,345)
Purchase of property, plants and equipments (526,625) (1,104,394)
Net cash flows from investing activities (16,711,378) 618,490
Dividend paid (401,233) –1
Net cash flows from financing activities (401,233) –2
Net increase/(decrease) in cash and cash equivalents (10,177,617) 10,307,225
Effects of exchange rate changes on cash and cash equivalents (633,531) 5,255,803
Cash and cash equivalents as at 1 January 49,164,513 33,601,485
Cash and cash equivalents as at 31 December 38,353,365 49,164,513
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.net_change_in_cash.

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Earnings / (loss) per share (per share)3 0.811 0.542
Profit / (loss) attributable to shareholders (NGN thousands)4 16,231,765 10,751,276
  1. Printed as 81 kobo; value converted to NGN at 100 kobo = 1 NGN.
  2. Printed as 54 kobo; value converted to NGN at 100 kobo = 1 NGN.
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Basic and diluted (kobo)”.
  2. Profit / (loss) attributable to shareholders: printed as “Owners of the parent”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividend paid (401,233) NGN thousands Annual report, p33
31 Dec 2024 Dividends paid (cash flow statement) Dividend paid 0printed “–”, read as nil NGN thousands Annual report, p33

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Mutual Benefits Assurance Plc Annual Report for the year ended 31 December 2025

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: KPMG Professional Services (Chartered Accountants), Lagos, unmodified opinion · signed

    Auditor's sign-off: Akinyemi Ashade, for KPMG Professional Services

    Final status: Independent auditor's report of KPMG Professional Services to the shareholders of Mutual Benefits Assurance Plc (opinion PDF p22, unmodified) closes on PDF p27 with 'Signed:' and a handwritten signature above 'Akinyemi Ashade, FRC/2013/PRO/ICAN/004/00000000786, For: KPMG Professional Services, Chartered Accountants, 21 May 2026, Lagos, Nigeria' and the ICAN seal (page image). The statements were approved by the Board on 27 February 2026 and signed by Dr. Akin Ogunbiyi (Chairman), Mr. Olufemi Asenuga (MD/CEO) and Mr. Abayomi Ogunwo (CFO), handwritten signatures visible (PDF p30, page image).

    Document date
    21 May 2026
    Published
    25 May 2026
    Auditor's report
    21 May 2026
    Board approval
    27 Feb 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · NGN thousands (printed “in thousands of Nigerian Naira”)
    • The five-year summary (p201) prints Group profit for the year 16,766,096 (2024: 11,564,004), against 16,415,451 (2024: 11,317,893) on the statement of profit or loss (p28). Not transcribed from p201.
    • HIDDEN TEXT LAYER DIFFERS FROM THE PRINTED PAGE: the PDF text layer of the statement pages holds the Group 2025 and Group 2024 figures in swapped order on many rows (p28 text: 'Insurance revenue 4.1 66,916,138 80,049,644', 'Profit for the year 11,317,893 16,415,451'; p29 text 'Profit for the year 16,415,451 11,317,893'; p33 text 'Reinsurance premium paid 22.3 (14,421,651) (19,392,345)'), omits cells (p28 'Insurance service result' and 'Net insurance finance expenses') and garbles others (p33 closing cash '49, 38,353,365 ... 164,513'). The printed pages (renders) show Group 2025 insurance revenue 80,049,644 and profit for the year 16,415,451, which agree with the financial highlights (p4). All statement figures are read from OCR of the renders or on the renders, never from the text layer.
    • The board approval date printed on the statement of financial position (27 February 2026) precedes the auditor's report date (21 May 2026). Key audit matter: valuation of insurance contract liabilities (p24). The auditor reports penalties paid for contraventions (note 52; p27).
    • Earnings per share printed in kobo (basic and diluted 81; 2024: 54; p28); stored in naira with the printed figure and unit kept.
    Technical details
    File
    204 pages, with a text layer
    SHA-256
    5532bef1bfc83979f01d97bb7735ac637c9f26981402870fa0b2fd72f3cb069d
    Entity as printed
    Mutual Benefits Assurance Plc ('the Company') and its subsidiaries ('the Group')
    Exchange copy
    retrieved 2026-10-08T18:01:37Z

Data notes

  • Other investment (expenses)/income — OCR read '141.657'; the page image shows '141,657'. OCR reads a full stop for the thousands comma; the render prints commas. (Mutual Benefits Assurance Plc Annual Report for the year ended 31 December 2025, p28)
  • Net investment income — OCR read '13.992.913'; the page image shows '13,992,913'. OCR reads a full stop for the thousands comma; the render prints commas. (Mutual Benefits Assurance Plc Annual Report for the year ended 31 December 2025, p28)
  • Net investment income — OCR read '15.743.761'; the page image shows '15,743,761'. OCR reads a full stop for the thousands comma; the render prints commas. (Mutual Benefits Assurance Plc Annual Report for the year ended 31 December 2025, p28)
  • Net insurance and investment results — OCR read '15.359.242'; the page image shows '15,359,242'. OCR reads a full stop for the thousands comma; the render prints commas. (Mutual Benefits Assurance Plc Annual Report for the year ended 31 December 2025, p28)
  • Net cash flows from operating activities — OCR read '6.934.994'; the page image shows '6,934,994'. OCR reads a full stop for the thousands comma; the render prints commas. (Mutual Benefits Assurance Plc Annual Report for the year ended 31 December 2025, p33)
  • Net cash flows from operating activities — OCR read '9.688.735'; the page image shows '9,688,735'. OCR reads a full stop for the thousands comma; the render prints commas. (Mutual Benefits Assurance Plc Annual Report for the year ended 31 December 2025, p33)

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to OCR text of the page image; matched to OCR text and compared cell by cell with the page image; read from the page image) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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