Mutual Benefits lifts policyholders ‘confidence with N35.3bn claims in 9-months

Femi Asenuga, managing director/CEO of Mutual Benefits Assurance.

As Nigerians continue to navigate rising costs of living, currency pressures, and a challenging business environment, Mutual Benefits has once again demonstrated the real value of insurance by paying a total of N35.3 billion in claims in the first nine months of 2025.

The third quarter (Q3) figures represent cumulative claims paid from the beginning of the year through the end of the third quarter (January to September 2025).

The claims were paid across Mutual Benefits Assurance Plc and its subsidiary, Mutual Benefits Life Assurance Ltd., providing financial relief to individuals, families, and businesses at critical moments. During the period under review, the Non-Life business paid total claims of N18.56 billion, while the Life subsidiary settled claims totalling N16.79 billion, covering both insurance protection and investment-related obligations.

At a time when many households and businesses are under pressure, claims payment remains the clearest proof that insurance works.

According to Femi Asenuga, managing director/CEO of Mutual Benefits Assurance Plc, the Q3 claims performance reflects a deliberate focus on standing by customers, regardless of the wider economic climate. He revealed that the total claims paid by Q3 2025 are higher than the claims paid in any single year in the company’s history. “When people buy insurance, what they are really buying is confidence that someone will show up when things go wrong. Paying N35.3 billion in claims by Q3 is our way of showing that we take that responsibility seriously,” he said.

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Across the Non-Life business, claims paid by Mutual Benefits Assurance Plc by the end of the third quarter reflected the everyday realities and risks faced by policyholders across the country. Aviation-related incidents led to claims payments of N2.24 billion, while Engineering claims linked to ongoing construction and infrastructure projects stood at N1.23 billion. Fire losses accounted for N2.30 billion, with General Accident claims amounting to N2.60 billion. Marine claims of N1.34 billion supported trade and logistics activities, while Motor claims totalling N3.79 billion helped individuals and businesses manage accident-related losses at a time when vehicle repair and replacement costs have risen sharply. The company also paid Oil and Gas claims of N5.02 billion, Bond claims of N2.46 million, and Agriculture-related claims of N712,500, reinforcing support for key sectors of the economy.

These payments enabled businesses to recover from disruptions, helped individuals replace damaged assets, and provided stability in an increasingly uncertain economic environment.

On the Life insurance side, the claims paid by Q3 highlighted the deeply personal role of insurance. Group and Credit Life claims amounting to N5.41 billion ensured that employers, lenders, and dependants were protected from sudden financial loss. Individual death claims of N907 million were paid to families at moments of grief, while annuity payments totalling N31 million continued to provide reliable income for retirees.

In addition, Mutual Benefits Life Assurance Limited honoured its investment commitments to customers, paying N7.08 billion in maturity claims, alongside surrender claims of N2.93 billion and partial withdrawal payments of N413 million. For many policyholders, these payments provided timely access to savings to meet pressing financial needs.

Speaking on the Life business, Biyi Ashiru-Mobolaji, managing director/CEO, said the figures reflect more than just numbers. “Every claim represents a promise kept. Whether it is a family receiving support after a loss or a customer accessing their long-term savings, our focus is on being present and dependable when our policyholders need us the most,” he said.

Taken together, the N35.3 billion paid in claims by Q3 2025 reinforces MUTUAL BENEFITS’ position as a trusted insurer at a time when confidence matters more than ever. As the company moves into the final days of the year, it says it remains committed to prompt claims settlement and to supporting the resilience of individuals, businesses, and communities across Nigeria.

Mutual Benefits, a leading brand in the Nigerian insurance sector, continues to set the standard for dependable protection for individuals and businesses. Known for its wide range of insurance solutions, the company combines reliability with a commitment to customer trust and prompt claims settlement. Across the nation, policyholders continue to share their experiences, praising Mutual Benefits for the speed and efficiency with which their claims have been handled. These testimonials reflect the company’s dedication to being more than just an insurer, but a true partner in safeguarding lives, livelihoods, and businesses when it matters most.

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd.

A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia.

Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.

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