MUTUAL BENEFITS ASSURANCE : AUDITED FINANCIAL STATEMENT FOR 2021

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

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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

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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)

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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

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