Mutual benefit opens the proposal N2bn

Mutual benefits (mutual benefits) informed shareholders about the growth of capital in the amount of two billion rights to increase their capital base.

Mutual benefits revealed this at its 22nd Annual General Meeting (AGM).

The chairman of the company, Dr. Akin Ogunbiyi, also said that the funds will be used to upgrade its information technologies and increase working capital.

The company will place ₦ 0.50 rights for four billion ordinary shares, which should be available between August 6, 2018 and September 14, 2018 on the basis of one new share for each two shares placed as of October 31, 2017.

Dr. Akin Ogunbiyi assured shareholders of the company's commitment to sustainable growth in accordance with its five-year strategic plan.

The fiscal year in 2017 showed a gross premium growth of 15.6% to 14.04 billion pounds from ₦ N12.14 billion in 2016, which puts the company in the league of the best Nigerian insurance companies.

Net benefits and claims of the company increased by 53.9% compared to the indicators of 2016. A significant increase in the gross premium and better management of resources was made in 2017 for the company.

Dr. Ogunbiyi said: "Both the shareholders' funds and insurance funds are represented in the form of an optimal portfolio of short-term and long-term investments".

The biggest improvement was the profit N ₦ 1.02bn, which was declared against the loss of 1.35 billion registered in 2016 ".

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