Mutual Benefits pays N5.94bn claims in January

Mutual Benefits pays N5.94bn in claims in January 2026 across life and general insurance portfolios.

By Precious E.

Mutual Benefits has paid N5.94 billion in insurance claims in January 2026, according to figures released by the company at the weekend.

The insurer said the payout covered both its life and non-life portfolios, reflecting obligations settled within the first month of the year.

The breakdown shows that N3.43 billion was disbursed under general insurance policies. A further N2.51 billion went to life insurance claims, including group life and individual retail policies.

The company described the January payments as part of its routine claims process and stated that all verified claims were treated within the required timelines.

Mutual Benefits pays N5.94bn claims in January across life and non-life policies

Managing Director Olufemi Asenuga said the volume of claims settled in January reflects the company’s financial position and its focus on meeting policyholder obligations.

He noted that prompt claims payment remains central to the insurance business, adding that insurers are judged by how quickly and efficiently they respond when policyholders make valid claims.

Mutual Benefits operates in both life and general insurance segments and has been in business for more than three decades. The firm said it remains compliant with capital requirements set by the National Insurance Commission.

Regulators have continued to press insurers to settle genuine claims without delay as part of efforts to strengthen public trust in the industry.

Industry analysts say regular disclosure of claims figures is becoming more common as companies seek to reassure customers about their capacity to pay. Nigeria’s insurance penetration rate remains low compared to many emerging markets, with trust and awareness often cited as major barriers.

The announcement that Mutual Benefits pays N5.94bn in claims in January comes at a time when insurers are under pressure to improve service standards and rebuild confidence in the sector. For policyholders, consistent claims settlement is often the clearest measure of an insurer’s reliability.

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By reporting the January payout, the company signals its readiness to meet obligations as the 2026 financial year progresses, reinforcing its position in Nigeria’s competitive insurance market.