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    MBENEFIT   NGMBENEFT000

MUTUAL BENEFITS ASSURANCE PLC

(MBENEFIT)
  Report
End-of-day quote Nigerian Stock Exchange  -  2022-10-05
0.2700 NGN   -3.57%
09/30Mutual Benefits Assurance : Notice of annual general meeting (agm)
PU
09/30Mutual Benefits Assurance : Notice of board meeting (bm)
PU
08/22Mutual Benefits Assurance Plc Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022
CI
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MUTUAL BENEFITS ASSURANCE : AUDITED FINANCIAL STATEMENT FOR 2021

08/12/2022 | 11:45am EDT

2021

Annual

Report

&

Accounts

Mutual Benefits Assurance Plc.

RC 269837

MUTUAL BENEFITS ASSURANCE PLC

FOR THE YEAR ENDED 31 DECEMBER 2021

CONTENTS

PAGE

Corporate Information

3

Financial Highlights

4

Report of the Directors

5

Corporate Governance Report

10

Report of the Statutory Audit Committee

16

Statement of Corporate Responsbility for the Financial Statements

17

Statement of Directors' Responsibilities in Relation to the Preparation of the Consolidated and Separate

18

Financial Statements

Independent Auditor's Report

19

Consolidated and Separate Financial Statements

Summary of Significant Accounting Policies

24

Consolidated and Separate Statements of Profit or Loss

57

Consolidated and Separate Statements of Other Comprehensive Income

58

Consolidated and Separate Statements of Financial Position

59

Consolidated Statement of Changes in Equity - Group

61

Separate Statement of Changes in Equity - Company

62

Consolidated and Separate Statements of Cash Flows

63

Notes to the Consolidated and Separate Financial Statements

64

Other National Disclosures

Revenue Account

146

Value Added Statement

147

Five-year Financial Summary - Group

148

Five-year Financial Summary - Company

150

2

MUTUAL BENEFITS ASSURANCE PLC

CORPORATE INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2021

Directors

Dr. Akin Ogunbiyi

Chairman

Mr. Olufemi Asenuga

Managing Director/CEO

Mr. Adebiyi Ashiru-Mobolaji

Executive Director, Operations

Mr. Adesoye Olatunji

Non-Executive Director

Dr. Eze Ebube

Non-Executive Director (American)

Prof. Patrick Utomi

Non-Executive Director

Mr. Lamis Sheu Dikko

Non-Executive Director (Independent) (Resigned effective 28 July 2021)

Mr. Akinboye Oyewumi

Non-Executive Director

Mr Abidemi Sonoiki

Non-Executive Director (Independent) (Appointed effective 1 January 2021)

Ms. Kadaria Ahmed

Non-Executive Director (Independent)

Mrs.Temilade Durojaiye

Non-Executive Director (Appointed effective 29 April 2022)

Registered Office

Aret Adams House

233 Ikorodu Road, Ilupeju, Lagos

Auditor

Ernst & Young

UBA House, 10th and 13th Floors

57 Marina, Lagos

Company Secretary

Babajide Ibitayo (Esq)

FRC/2013/NBA/00000003123

Bankers

Access Bank Plc

Mutual Benefits Microfinance Bank Limited

Fidelity Bank Plc

Ecobank Nigeria Limited

First City Monument Bank Plc

Stanbic IBTC Bank Nigeria Plc

First Bank of Nigeria Limited

Unity Bank Plc

Guaranty Trust Bank Limited

Wema Bank Plc

Keystone Bank Limited

United Bank for Africa Plc

Sterling Bank Plc

Heritage Bank Limited

Zenith Bank Plc

Polaris Bank Limited

Re-insurers

African Reinsurance Corporation

Aveni Reinsurance Ltd

Continental Reinsurance Plc

Nigerian Reinsurance Corporation

Actuaries

Zamara Consulting Actuaries Nigeria Limited

FRC/2021/NAS/00000023786

Registrar

Apel Capital Registrars Limited

FRC/2021/00000014019

Estate Surveyors & Valuers

Alabi, Ojo & Makinde Consulting

FRC/2012/NIESV/000000314

Arigbede & Co Estate Surveyors and Valuers

FRC/2014/NIESV/00000004634

RC No

269837

3

MUTUAL BENEFITS ASSURANCE PLC

FINANCIAL HIGHLIGHTS

FOR THE YEAR ENDED 31 DECEMBER 2021

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year 31 December

GROUP

COMPANY

in thousands of Nigerian Naira

%

%

2021

2020

2021

2020

Gross premium written

29,299,247

19,983,843

47

13,794,276

9,207,506

50

Gross premium income

26,128,991

19,428,373

34

12,390,218

8,398,764

48

Net premium income

22,455,265

16,079,032

40

9,680,275

6,136,755

58

Net underwriting income

23,215,602

16,800,237

38

10,357,067

6,656,302

56

Underwriting profit

5,064,913

3,676,087

38

2,184,926

953,058

129

(Loss)/profit before income tax

(5,590,066)

5,042,025

(211)

(2,805,625)

1,882,327

(249)

(Loss)/profit for the year

(5,424,710)

5,109,209

(206)

(2,447,486)

1,862,856

(231)

(Loss)/earnings per share:

Basic and diluted

(36)

46

(16)

17

STATEMENTS OF FINANCIAL POSITION

As at 31 December

in thousands of Nigerian Naira

2021

2020

2021

2020

%

Total assets

83,780,343

82,869,407

1

28,028,796

30,315,809

(8)

Insurance contract liabilities

23,464,143

17,572,283

34

9,957,655

7,428,602

34

Investment contract liabilities

30,178,616

28,447,267

6

-

-

-

Shareholders' fund

18,409,008

23,354,759

(21)

12,502,279

15,009,822

(17)

4

MUTUAL BENEFITS ASSURANCE PLC

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2021

The Board has the pleasure of presenting their Report on the affairs of Mutual Benefits Assurance Plc ("the Company") and its subsidiaries (together "the Group") to the Shareholders along with the Group and the Company's Audited Financial Statements and the Auditors' Report for the year ended 31 December 2021.

LEGAL STATUS AND PRINCIPAL ACTIVITY

Mutual Benefits Assurance Plc was incorporated on the 18th day of April 1995 under the name Mutual Benefits Assurance Company Limited. The Company was converted and re-registered as a Public Limited Liability Company on 24 May 2001 and became listed on the Nigerian Stock Exchange (NSE) on 28 May 2002.

The Group's Head Office is located at "Aret Adams House", 233, Ikorodu Road, Ilupeju, Lagos. It has branches and retail outlets spread across the nation in Abeokuta, Abuja, Ado - Ekiti, Akure, Port Harcourt, Warri, Lagos, Benin, Calabar, Ikorodu, Ilorin, Ibadan, Kaduna, Kano, Oshogbo, Otta, Owerri and Yenogoa.

BUSINESS REVIEW

The Group is mainly involved in General and Life insurance underwriting (under separate licenses held by the Company and its subsidiary respectively), Risk Management, Financial Services, Microfinance Banking and Real Estate.

The Company has progressed into a group with five subsidiary companies namely: Mutual Benefits Life Assurance Limited, Mutual Benefits Assurance Company Liberia, Mutual Benefits Assurance Niger SA, Mutual Benefits Homes and Properties Limited and Mutual Benefits Microfinance Bank Limited.

The MUTUAL Group's insurance products and services include:

GENERAL BUSINESS PRODUCTS

LIFE INSURANCE PRODUCTS

Property Insurance

Individual Savings & Pension Plan

Fire and Special Perils

Mutual Education Guarantee Plan

Burglary/House Breaking

Keyman Assurance

Householder, House-owner

Mortgage Protection

Comprehensive

Group Life Assurance

Marine Cargo

Term Assurance

Marine Hull

Endowment Assurance

Motor

Insurvisa

Goods-in-Transit

Director's Liability

All Risk Insurance

Micro Personal Investment Plan

Engineering

Industrial All Risks

Liability/Bond Insurance

Money

Professional Indemnity

Fidelity Guarantee

Public Liability/Product Liability

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Mutual Benefits Assurance plc published this content on 12 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2022 15:44:02 UTC.


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Financials
Sales 2021 19 699 M 45,5 M 45,5 M
Net income 2021 -5 575 M -12,9 M -12,9 M
Net cash 2021 11 826 M 27,3 M 27,3 M
P/E ratio 2021 -0,92x
Yield 2021 -
Capitalization 5 417 M 12,5 M 12,5 M
EV / Sales 2020 -0,19x
EV / Sales 2021 -0,26x
Nbr of Employees 359
Free-Float 39,5%
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Managers and Directors
Femi Asenuga Chief Executive Officer, MD & Executive Director
Akin A. Ogunbiyi Non-Executive Chairman
Joseph Oladokun Deputy General Manager-Technical
Biyi Ashiru-Mobolaji Executive Director & Operation Director
Edwin Alohan Senior Manager-Administration
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