Mutual Benefits Assurance Plc reported a pre-tax profit of N13.89 billion for the nine months ended September 30, 2026, a decline of 9.1% from N15.28 billion in the corresponding period of 2025, according to its unaudited consolidated financial statements.
Insurance revenue rose 7.1% to N65.16 billion from N60.86 billion, but insurance service expenses grew at a faster pace of 24.0% to N60.71 billion from N48.97 billion. As a result, the insurance service result fell 44.5% to N5.20 billion from N9.36 billion. Net investment income also weakened, declining 14.0% to N9.91 billion from N11.52 billion, which pulled net insurance and investment results down 26.2% to N13.72 billion from N18.60 billion.
Profit after tax declined 14.1% to N12.27 billion from N14.28 billion, with earnings per share at 57 kobo compared with 69 kobo. Income tax expense rose to N1.62 billion from N999.63 million in the prior-year period.
The group's revenue growth was driven mainly by its non-life business, which contributed N47.5 billion, or 73% of total insurance revenue, while life and medical insurance accounted for N17.6 billion, approximately 27%. Motor insurance remained the largest product line at N20.7 billion, about 32% of insurance revenue, up 15%, while fire insurance revenue rose 18%. Aviation insurance revenue, however, declined to N130 million from N1.50 billion.
Reinsurance performance improved, with net reinsurance income of N744.16 million compared with a net expense of N2.53 billion a year earlier. Investment income was pressured by net foreign exchange losses of N793.33 million, against gains of N192.29 million in 9M 2025, and a drop in profit on investment contracts to N1.39 billion from N3.03 billion. Other income climbed to N1.78 billion from N153.19 million, with management attributing approximately N1.6 billion to oil and gas subsidiary Mutual Exploration and Production Limited.
Third-quarter results strengthened, with insurance revenue up 16.5% to N22.91 billion from N19.66 billion, pre-tax profit rising to N7.54 billion from N2.99 billion and profit after tax to N6.52 billion from N2.69 billion.
On the balance sheet, total assets increased 18.0% to N207.90 billion from N176.25 billion, supported by financial assets measured at amortised cost and reinsurance contract assets. The group placed N8.65 billion with the Central Bank of Nigeria as part of its recapitalisation process. Total liabilities rose 13.8% to N121.22 billion, while total equity grew 24.3% to N86.67 billion, helped by retained earnings and an N8 billion capital injection into Mutual Benefits Life Assurance Limited by other shareholders. Net operating cash flow recorded an outflow of N4.3 billion, compared with an inflow of N6.7 billion in 9M 2025, but cash and cash equivalents closed at N40.13 billion.
