Ebere Nwoji
Mutual Profit Plc has introduced that it paid a complete of N35.3 billion claims in Q3 2025.
The underwriting agency mentioned Q3 figures characterize cumulative claims paid from the start of the yr via the tip of the third quarter (January to September 2025).It additional mentioned the claims have been paid throughout Mutual Advantages Assurance Plc and its subsidiary, Mutual Advantages Life Assurance Restricted, thus offering monetary aid to people, households, and companies at crucial moments.
Talking on the Life enterprise, Managing Director/CEO, Mutual Profit Life, Biyi Ashiru-Mobolaji, mentioned the figures mirrored extra than simply numbers. He added that through the interval below overview, the Non-Life enterprise paid complete claims of N18.56 billion, whereas the Life subsidiary settled claims totalling N16.79 billion, protecting each insurance coverage safety and investment-related obligations.
He mentioned the claims have been paid at a time when many households and companies are below stress, insisting that claims cost remained the clearest proof that insurance coverage works.
Managing Director Mutual Advantages Assurance, Femi Asenuga, mentioned the Q3 claims efficiency mirrored a deliberate concentrate on standing by clients, whatever the wider financial local weather. He revealed that the whole claims paid in Q3 2025 have been increased than the claims paid in any single yr within the firm’s historical past.
“When folks purchase insurance coverage, what they’re actually shopping for is confidence that somebody will present up when issues go mistaken. Paying N35.3 billion in claims by Q3 is our method of exhibiting that we take that accountability critically,” he mentioned.
In response to him, throughout the Non-Life enterprise, claims paid by Mutual Advantages Assurance by the tip of the third quarter mirrored the on a regular basis realities and dangers confronted by policyholders throughout the nation.
He mentioned aviation-related incidents led to claims funds of N2.24 billion, whereas Engineering claims linked to ongoing building and infrastructure tasks stood at N1.23 billion. Fireplace losses accounted for N2.30 billion, with Basic Accident claims amounting to N2.60 billion. Marine claims of N1.34 billion supported commerce and logistics actions, whereas Motor claims totalling N3.79 billion helped people and companies handle accident-related losses at a time when automobile restore and substitute prices have risen sharply. He mentioned the firm additionally paid Oil and Gasoline claims of N5.02 billion, Bond claims of N2.46 million, and Agriculture-related claims of N712,500, reinforcing assist for key sectors of the financial system.
