Shareholders of Mutual Benefits Assurance Plc have approved a total dividend of N802.46m for the financial year ended December 31, 2025, at the company’s 30th Annual General Meeting.

The approved dividend of four kobo per ordinary 50-kobo share represents a 100 per cent increase from the previous year’s payout and was welcomed by shareholders during the virtual meeting.

Speaking on behalf of the Board Chairman, Akin Ogunbiyi, Board Director Adesoye Olatunji commended shareholders for their continued loyalty and active participation in the company’s affairs.

He said the dividend declaration reflects the company’s resilient balance sheet and its commitment to delivering value to investors.

“The successful conclusion of the 30th AGM reflects Mutual Benefits’ enduring commitment to sound corporate governance, regulatory compliance and sustainable value creation,” Olatunji stated.

He added, “Mutual Benefits remains focused on delivering long-term value, while strengthening its market position in an evolving insurance landscape.”

He assured investors that the board and management team remain committed to strengthening the company and delivering on its core brand promise of “creating and protecting wealth.”

The meeting was attended by key executive leaders, including the Managing Director/CEO, Mr Femi Asenuga; the Managing Director/CEO of Mutual Benefits Life Assurance Ltd, Mr Biyi Ashiru-Mobolaji; Executive Director (Technical), Mr Joseph Oladokun; and Company Secretary, Mr Jide Ibitayo.

Representatives of key regulatory and statutory bodies also attended the meeting, including the National Insurance Commission, Securities and Exchange Commission, Nigerian Exchange Limited, Corporate Affairs Commission, KPMG Professional Services, and Apel Capital Registrars Limited.

The dividend approval comes as the insurer enters a significant phase of its growth following the successful completion of the recapitalisation exercise mandated by NAICOM. With a stronger capital base and increased risk-bearing capacity, Mutual Benefits Assurance is seeking to deepen insurance penetration, harness technology and expand its market share.