Mutual Benefits Assurance Plc has said that it made a profit before tax of N916.9m during the 2011 financial period.
The Chairman of the company, Chief Chamberlain Oyibo, disclosed this during the company’s 16th Annual General Meeting in Lagos on Thursday.
Oyibo said, “The company performed fairly well against all odds during the year, profit before tax rose from N892.2m in 2010 to N916.9m in 2011, while profit after tax rose from N758.4m to N763.8m in the years under review.”
According to the financial report presented by Oyibo, claims incurred by the firm rose from N731.5m in 2010 to N1.02bn in 2011 financial period.
The chairman said that Mutual Benefits was still investing in the construction of the N3bn Mutual Alpha Courts at Costain, Lagos .
Currently, he added that the project had reached about 75 per cent completion stage and that all the 60 units had been sold out.
The company’s investment in oil marginal field, he said, was almost at its completion stage, while other investments were yielding returns in line with its projection.
He said that there would be possible change in its investment portfolio through its subsidiaries next year.
This, he added, had become necessary in view of the compliance requirements of the International Financial Reporting Standard.
He said that the concept of Enterprise Risk Management framework had also become a tool for business survival and a benchmark for measuring the operational efficiency of any entity.
At Mutual Benefits, he said the implementation of and ERM initiative was consistent with the company’s business philosophy to embed sustainable global best practices towards preserving the value of the entity.
He said, “We are a risk intelligent enterprise that focuses on realising maximum value on our stakeholders. We believe an enterprise risk management philosophy that is understood by all personnel facilitates employee’s ability to recognise and effectively manage the risk.”
According to him, the company considers sound risk management as a foundation of a long lasting financial institution and will institute a robust and proactive enterprise wide risk management framework in compliance with global and local regulatory practices while sustaining commensurate returns to its stakeholders.
