By Rosemary Iwunze

Mutual Benefits Assurance Plc has successfully held its 30th Annual General Meeting (AGM), with shareholders approving all resolutions presented at the meeting, reaffirming their confidence in the company’s strategic direction, governance framework and long-term growth agenda.

The meeting, which was convened virtually last week and streamed live to shareholders and stakeholders, was chaired by Mr. Adesoye Olatunji, a member of the Board of Directors, who stood in for the Chairman of the Board, Dr. Akin Ogunbiyi.

In attendance were the Managing Director/CEO, Mr. Femi Asenuga; the Managing Director/CEO, Mutual Benefits Life Assurance Ltd, Mr. Biyi Ashiru-Mobolaji; Executive Director (Technical), Mr. Joseph Oladokun; Company Secretary, Mr. Jide Ibitayo; members of the Board; representatives of the National Insurance Commission (NAICOM), the Securities and Exchange Commission (SEC), Nigerian Exchange Limited (NGX), the Corporate Affairs Commission (CAC), the Company’s external auditors, KPMG Professional Services and the Registrars, Apel Capital Registrars Limited.

At the meeting, shareholders approved all resolutions contained in the Notice of Meeting, including adoption of the Audited Financial Statements for the year ended 31 December 2025, together with the Directors’ Report, the Independent Auditors’ Report and the Report of the Statutory Audit Committee.

Shareholders also approved the declaration of a dividend of 4 kobo per ordinary share of 50 kobo each, amounting to a total dividend payout of ₦802,464,895.88, payable to shareholders. In approving the proposed dividends, the shareholders commended the Board for the dividend payout, which represented a 100% increase over what they received in the prior year.

Addressing shareholders, the Chairman expressed appreciation for their continued trust, loyalty and active participation in the affairs of the company. He noted that the successful conclusion of the 30th AGM reflects Mutual Benefits’ enduring commitment to sound corporate governance, regulatory compliance and sustainable value creation.

He commended the Board, Management and employees for their dedication and contributions to the company’s continued growth and assured shareholders that Mutual Benefits remains focused on delivering long-term value, while strengthening its market position in an evolving insurance landscape.

The successful hosting of the company’s 30th AGM comes at a defining moment for Mutual Benefits following its successful completion of NAICOM’s recapitalisation exercise. With a stronger capital base, renewed regulatory standing and a clear strategic direction, Mutual Benefits is well positioned to deepen insurance penetration, drive innovation, enhance customer experience and create sustainable value for shareholders and other stakeholders.

As Mutual Benefits enters its next chapter, the company remains committed to building a stronger, more resilient institution that continues to protect lives, businesses and investments while contributing meaningfully to the growth of Nigeria’s insurance industry.

Guided by its brand promise of creating and protecting wealth, the company is committed to delivering exceptional value through financial strength, innovation, excellent service and the highest standards of corporate governance.

By Rosemary Iwunze

Leadway Assurance, Nigeria’s foremost insurance services provider and a member of the Leadway Group, said its recapitalised era will be defined not by regulatory compliance but by audacious strategic ambition.

Having successfully completed its recapitalisation exercise under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, the company is accelerating a transformation built for the next decade, one that places digital-first service delivery, expanded capacity, and long-term policyholder commitment at the centre of its next growth trajectory.

For Leadway, meeting the National Insurance Commission’s (NAICOM) revised minimum capital requirements affirms that its business is structurally strong, its strategy is resilient, and its obligation to customers extends well beyond any regulatory cycle. The strengthened capital base now positions Leadway to underwrite larger and more complex risks, champion financial inclusion at scale, and play an active role in Nigeria’s ambition to build a US$1 trillion economy.

Leadway’s post-recapitalisation roadmap is anchored on three distinct but interconnected growth opportunities. The first is the high net worth individual and premium segment, where growing personal wealth, asset complexity, and lifestyle sophistication are driving demand for tailored, relationship led insurance solutions. Leadway’s deepened capital position enables it to underwrite larger individual exposures and deliver the bespoke service this segment demands.

The second is critical sector and infrastructure coverage, encompassing major public and private sector projects, energy, manufacturing, and large-scale enterprise risk. With greater underwriting capacity, Leadway is now equipped to anchor complex risk programmes across Nigeria’s most strategically significant industries, serving as the risk backbone for the country’s most consequential investments.

The third is Nigeria’s next generation and a growing population of digitally native, entrepreneurially minded young Nigerians and small business owners who are redefining what they expect from financial services. Leadway is meeting that expectation head on.

For Nigeria’s next generation, it means accessible, mobile-led entry points into insurance for a demographic that expects digital as a baseline. For HNIs and corporate clients, it means seamless, data-driven service with the depth and sophistication their portfolios require. For SMEs and agricultural businesses, it opens a path to affordable, appropriately structured coverage.

Leadway’s digital focus is also directly aligned with the NAICOM Implementation Working Group’s vision of accelerating digitalisation and deepening financial inclusion across the Nigerian insurance sector, a vision Leadway is not merely endorsing but actively building.

Speaking on the company’s direction, MD/CEO of Leadway Assurance, Gboyega Lesi, said, “We have spent the last several years building a business that is technically stronger, digitally tuned, and strategically positioned to serve Nigeria at a level this industry has not seen before. What recapitalisation gives us is the impetus to pursue that ambition at full scale, underwriting the risks that matter to Nigeria’s biggest enterprises, to design products that speak to a generation that will drive this economy for the next generation, and to honour every commitment we have made to our policyholders with the full weight of a well-capitalised institution behind us. Leadway is not entering a new chapter because a regulator asked us to; we are entering it because we are ready.”

Lesi added, “We commend NAICOM for providing a clear, forward-looking regulatory framework, welcome the discipline it demands and the confidence it instills across the market.”

Leadway’s expanded capacity also positions it as a natural partner for national development. With the ability to anchor major risk programmes, support infrastructure projects, and deepen enterprise coverage across finance, energy, agriculture, and technology, Leadway is building the institutional strength required to serve as Nigeria’s insurance backbone as the economy grows. Across every segment it serves, individual, commercial, and institutional, the message is consistent: the company is here for the long term, and the long term starts now.

By Rosemary Iwunze

AXA Mansard Insurance Plc has sustained its growth momentum in the first half of 2026, posting a 14 per cent increase in profit after tax to ₦7.8 billion while reaffirming that it has met the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The company’s unaudited financial results showed that insurance revenue rose by 19 per cent to ₦96.5 billion from ₦81.2 billion recorded in the corresponding period of 2025, while Gross Written Premium (GWP) increased by 17 per cent to ₦134.9 billion, reflecting strong business growth across its Property and Casualty, Life and Health businesses.

Health insurance remained the fastest-growing business line, with premiums rising by 32 per cent to ₦60.6 billion, followed by Life and Savings, which expanded by 21 per cent to ₦20.4 billion. Property and Casualty business also posted growth, with premiums increasing three per cent to ₦54 billion.

The insurer also recorded a 43 per cent growth in Insurance Service Result to ₦13.2 billion, underlining stronger underwriting performance across all business segments, while earnings per share increased by 15 per cent.

Despite recording a foreign exchange loss of ₦2.9 billion during the period, the company’s underlying earnings remained resilient. Excluding the foreign exchange impact, profit after tax would have increased by 54 per cent to ₦10.7 billion, highlighting significant improvements in underwriting performance and investment income.

Commenting on the performance, Chief Financial Officer of AXA Mansard, Ngozi Ola-Israel, attributed the growth to improved customer retention, expansion of new business and stronger underwriting performance.

She said the company remained focused on disciplined underwriting, cost optimisation and strengthening its balance sheet to deliver sustainable long-term value for shareholders.

“In H1 2026, we sustained topline momentum with a 19 per cent year-on-year increase in insurance revenues, underpinned by strong performance across all segments driven by our drive for new business and improved retention metrics.

“We delivered strong profit after tax of ₦7.8 billion, reflecting a 14 per cent year-on-year increase and a much stronger growth in the underlying earnings trajectory. Excluding foreign exchange impacts, profit after tax would have grown by 54 per cent,” she said.

The Chief Executive Officer, Kunle Ahmed, said the performance demonstrated the resilience of the company’s diversified business model despite prevailing economic challenges.

“On capital adequacy, I am pleased to confirm that the Group has met the new minimum capital requirements stipulated by NAICOM, underscoring the strength of our balance sheet and our commitment to maintaining a robust capital base,” Ahmed said.

He noted that the company would continue to prioritise profitable growth, strengthen underwriting standards, improve cost discipline and deepen investments in digital technology and data analytics as macroeconomic conditions gradually improve.

The performance, according to him, reflects the improving financial health of leading insurance companies as operators continue to balance premium growth with underwriting profitability amid inflationary pressures, exchange rate volatility and rising operating costs.

The strong growth in insurance revenue and underwriting income indicates increasing resilience in the company’s core operations, while its ability to remain profitable despite foreign exchange losses underscores the effectiveness of its risk management and business diversification strategy.

To him, the ongoing recapitalisation of the insurance industry is encouraging operators to strengthen their capital positions, improve operational efficiency and invest in technology to enhance customer experience and underwriting capacity.

The company’s total assets rose by 18 per cent to ₦269.9 billion, while shareholders’ funds increased by 11 per cent to ₦58 billion, reinforcing its financial position.

With sustained growth in insurance revenue, underwriting income and profitability, AXA Mansard appears well positioned to leverage opportunities in Nigeria’s underpenetrated insurance market while delivering long-term value to shareholders and policyholders through stronger capitalisation, operational efficiency and disciplined execution.