Mutual Benefit Assurance Plc has recorded 51.59 per cent growth in profit after tax for the first half of the year 2008.

The unaudited results for the first half ended June 30, 2008 showed improvement as the company posted a profit after tax of N681.4 million as against N449.5 million recorded in 2007, representing an increase of 51.59 per cent. Gross premium stood at N1.6 billion in 2008 as against N957.71 million in the comparable period of 2007.

The improvement on the financials may not be unconnected with the company's policy of insurance and development and other excellence service delivery.

Chamberlain Oyibo, chairman of the company had told the 12th annual general meeting (AGM) in Kaduna recently that the company is strategically poised to sustain its reputation for total customer care excellence in service delivery.

He said in order to position it to future challenges, the board in the year under review had created a highly successful and sustainable business committed to delivering superior service to customers, providing career development opportunities for employees and building value for shareholders.

He said that the company has made a significance progress in performance despite the fact that the industry is becoming more competitive especially after recapitalization exercise.

Oyibo noted that the volume of business as reflected in gross premium income increased by 13 per cent, from N1.95 billion in 2006 to N2.2 billion in 2007 while profit after tax recorded an increase of 48 per cent from N702 million to N1.04 billion in 2007.

He added that investment income increased significantly by 479 per cent to N515 million in 2007 as against N89 million in 2006 while net asset grew from N4 billion in 2006 to N8.8 billion in   2007   representing   an increase of 120 per cent.

Oyibo noted that based on the company's new strategic vision to change the face of insurance, it now has subsidiaries that operate in real estate, capital market and asset management which he listed to include Mutual Benefits Life Assurance Limited, Mutual Benefits Asset Management Limited, Mutual Benefits Homes and Properties Limited, Charks Investments Limited and Mutual Benefits Incorporated, Liberia. He said that based on the attractiveness of the company to the foreign investors, Daewoo Securities (Europe) Limited of the United Kingdom has invested the sum of N2.6 billion through bond with option.

Oyibo noted that the company had expanded its network branches for efficient service delivery, adding that it had established new branches in Ikoyi, Alausa, Ojo, Ado-Ekiti, Oshogbo, Warri, Calabar, Abeokuta, and Kano.