Tuesday, January 22, 2013
ICAN ASSURES MUTUAL BENEFITS OF SUPPORT
The President, Institute of Chartered Accountants of Nigeria, Mr. Adedoyin Owolabi, has identified Mutual Benefits Assurance Plc, as a reputable organisation that ICAN is willing to support.
He said this when he led a delegation of the institute on a courtesy visit to the head office of Mutual Benefits in Lagos. Owolabi said, �In ICAN, we deal with recognised brokers and insurance companies, like Mutual Benefits Assurance.�
He commended the firm, saying Mutual Benefits had been proving to the world that it was doing what insurance should be doing in the financial system by controlling other sectors of the economy, through its investment in areas like oil and others.�
While speaking on awareness about the International Financial Reporting Standards, he said that insurance industry should not only be interested in compliance with this accounting system alone, but also in awareness of the changes in the society.
In as much as Mutual Benefits had been committed to protecting its assets, the ICAN president assured the firm that it would always pay its premium promptly.
The Group Managing Director, Mutual Benefits, Mr. Akin Ogunbiyi, said that the company produced IFRS-compliant consolidated balance sheet for 2011. According to him, Mutual Benefits is now a conglomerate with diverse interest outside insurance in other sectors of Nigerian economy. He added that it achieved that with strategic alliance with firms that it identified with both professionally and ethically,
Ogunbiyi said, �Today, there is staff strength of over 5000; but 3,000 are agents, who are graduates that we took off the road and we trained them on the art of sales and marketing, and today, they are doing very well.�
The group managing director said that the company has 75 chartered qualified practitioners in the industry, adding that in the last five years, it had sold about 250,000 policies, a reason, according to him, the National Insurance Commission values Mutual Benefits today. At present, he said that Mutual Benefits had full operations in Liberia and Cameroun
�We have a new target called project one, which is to lead us to become the clear leader in the insurance industry given all variables and parameters in 2015. We want to deepen insurance in the country and we really want to use insurance as a means of poverty eradication to build the living standard of the people,� Ogunbiyi said.
He said this when he led a delegation of the institute on a courtesy visit to the head office of Mutual Benefits in Lagos. Owolabi said, �In ICAN, we deal with recognised brokers and insurance companies, like Mutual Benefits Assurance.�
He commended the firm, saying Mutual Benefits had been proving to the world that it was doing what insurance should be doing in the financial system by controlling other sectors of the economy, through its investment in areas like oil and others.�
While speaking on awareness about the International Financial Reporting Standards, he said that insurance industry should not only be interested in compliance with this accounting system alone, but also in awareness of the changes in the society.
In as much as Mutual Benefits had been committed to protecting its assets, the ICAN president assured the firm that it would always pay its premium promptly.
The Group Managing Director, Mutual Benefits, Mr. Akin Ogunbiyi, said that the company produced IFRS-compliant consolidated balance sheet for 2011. According to him, Mutual Benefits is now a conglomerate with diverse interest outside insurance in other sectors of Nigerian economy. He added that it achieved that with strategic alliance with firms that it identified with both professionally and ethically,
Ogunbiyi said, �Today, there is staff strength of over 5000; but 3,000 are agents, who are graduates that we took off the road and we trained them on the art of sales and marketing, and today, they are doing very well.�
The group managing director said that the company has 75 chartered qualified practitioners in the industry, adding that in the last five years, it had sold about 250,000 policies, a reason, according to him, the National Insurance Commission values Mutual Benefits today. At present, he said that Mutual Benefits had full operations in Liberia and Cameroun
�We have a new target called project one, which is to lead us to become the clear leader in the insurance industry given all variables and parameters in 2015. We want to deepen insurance in the country and we really want to use insurance as a means of poverty eradication to build the living standard of the people,� Ogunbiyi said.
