Mutual Benefits Assurance has paid a total of N5.94bn in claims to policyholders in January 2026.

This payout underlines its strong financial capacity and commitment to prompt claims settlement.

The figures were disclosed in a statement from the underwriter on Friday.

A breakdown of the figures indicated that N3.43bn was paid under its General (Non-Life) Insurance portfolio.

N2.51bn was paid across its Life businesses.

This included Group Life and Retail Life policies.

Commenting on the development, the Managing Director of Mutual Benefits Assurance Plc, Mr Olufemi Asenuga, stated that claims settlement remains the core promise of insurance and the ultimate test of an insurer’s credibility.

“Insurance is built on trust. Our ability to settle over N5.94bn in claims in one month demonstrates not only our financial strength but also our deep commitment to our policyholders. At Mutual Benefits, we do not just sell policies. We stand by our promises,” he said.

With over three decades of operations, Mutual Benefits has consistently positioned itself as a strong and well-capitalised insurer.

The company operates both Life and General Insurance businesses.

It remains fully compliant with regulatory capital requirements as stipulated by the National Insurance Commission.

The January payout reflects its robust underwriting standards.

It demonstrates prudent risk management practices.

The payout highlights an efficient claims administration framework.

This aligns with the company’s broader record of substantial claims settlement in recent years.

It reinforces its standing as a trusted brand in the Nigerian insurance industry.

The insurance sector regulator, NAICOM, has maintained a strict stance on claims payment.

NAICOM insists that verifiable claims must be paid promptly too.

By consistently settling valid claims without delay, Mutual Benefits said that it continues to strengthen customer confidence.

It deepens market trust and expands its footprint across retail and corporate segments.

“As the company begins 2026 on a strong footing, it reiterates its commitment to innovation, service excellence, and delivering value to policyholders and stakeholders alike. Mutual Benefits Assurance is focused on its mission to provide reliable risk protection solutions while maintaining the highest standards of professionalism and integrity,” the firm concluded.