Mutual Benefits Assurance PlcNSENG: MBENEFIT

Quarter 2 - financial statement for 2025

· Issued by Mutual Benefits Assurance Plc


MUTUAL BENEFITS ASSURANCE PLC UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 MUTUAL BENEFITS ASSURANCE PLC UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 CONTENTS PAGE

Corporate Information 2

Financial Highlights 3

Shareholding Structure and Free Float Status 4

Certification Pursuant to Section 60(2) of Investment and Securities Act No. 29 of 2007 5

Consolidated and Separate Financial Statements

Consolidated and Separate Statements of Profit or Loss 6

Consolidated and Separate Statements of Other Comprehensive Income 7

Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income for the Quarter 8

Consolidated and Separate Statements of Financial Position 9

Consolidated Statement of Changes in Equity - Group 10

Separate Statement of Changes in Equity - Company 11

Consolidated and Separate Statements of Cash Flows 12

Notes to the Consolidated and Separate Financial Statements 13

MUTUAL BENEFITS ASSURANCE PLC UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 CORPORATE INFORMATION Directors Dr. Akin Ogunbiyi Chairman

Mr. Olufemi Asenuga Managing Director/CEO

Mr. Adebiyi Ashiru-Mobolaji Managing Director, Mutual Benefit Life Assurance Limited Mr. Joseph Oladokun Executive Director, Technical

Mr. Adesoye Olatunji Non-Executive Director

Mr. Akinboye Oyewumi Non-Executive Director

Mr Abidemi Sonoiki Non-Executive Director (Independent)

Alh Lateef Bakare Non-Executive Director (Independent) Mrs Omowunmi Eniola-Jegede Non-Executive Director

Alh Lamis Sheu Dikko Non-Executive Director (Independent) (Appointed wef 01/01/2025) Mrs Asia El-Rufai Non-Executive Director (Appointed wef 01/01/2025)

Registered Office Aret Adams House

233 Ikorodu Road, Ilupeju, Lagos

Auditor KPMG Professional Services KPMG Tower

Bishop Aboyade Cole Street Victoria Island

Lagos

Company Secretary Babajide Ibitayo (Esq) FRC/2013/NBA/00000003123 Bankers Access Bank Plc Mutual Benefits Microfinance Bank Limited Fidelity Bank Plc Ecobank Nigeria Limited

First City Monument Bank Plc Stanbic IBTC Bank Nigeria Plc

First Bank of Nigeria Limited Unity Bank Plc

Guaranty Trust Bank Limited Wema Bank Plc

Keystone Bank Limited United Bank for Africa Plc

Sterling Bank Plc Heritage Bank Limited

Zenith Bank Plc Polaris Bank Limited

Re-insurers African Reinsurance Corporation Continental Reinsurance Plc FBS Reinsurance Plc

WAICA Reinsurance Corporation Plc Aveni Reinsurance Limited

Nigerian Reinsurance Corporation

Actuaries Zamara Consulting Actuaries Nigeria Limited FRC/2021/004/00000023786 Registrar Apel Capital Registrars Limited FRC/2021/00000014019 Estate Surveyors & Valuers Bamiji Makinde Consulting

FRC/2015/NIESV/0000001080

Arigbede & Co Estate Surveyors and Valuers FRC/2014/NIESV/00000004634

RC No269837 Tax Identification Number00171272-0001

MUTUAL BENEFITS ASSURANCE PLC

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

FINANCIAL HIGHLIGHTS

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the period ended 30 June 2025 GROUP COMPANY

30 JUN-2025

30 JUN-2024

30 JUN-2025

30 JUN-2024

in thousands of Nigerian Naira YTD YTD % YTD YTD %

Insurance revenue

41,195,472

28,493,656

45

25,069,528

16,646,673

51

Insurance service expense

(29,494,020)

(25,752,314)

15

(18,735,691)

(13,038,562)

44

Net expenses from reinsurance contracts held

(3,726,117)

(3,385,724)

10

(2,805,370)

(1,846,781)

52

Insurance service result

7,975,335

(644,381)

1,338

3,528,467

1,761,330

100

Net investment income

7,430,566

6,155,925

21

3,029,491

3,181,307

(5)

Net insurance and investment results

14,407,630

5,005,500

188

6,511,494

4,725,624

38

Profit before income tax

12,285,319

3,168,116

288

6,185,363

4,100,049

51

Profit for the period

11,593,757

2,445,559

374

5,984,644

3,636,223

65

Total other comprehensive income for the period, net of tax

143,197

7,881,643

(98)

(87,380)

686,282

(113)

Total comprehensive Income for the period, net of tax

11,736,955

10,327,202

14

5,897,264

4,322,505

36

Earnings per share: Basic and diluted

56

12

30

18

STATEMENTS OF FINANCIAL POSITION

As at

in thousands of Nigerian Naira 30 JUN-2025 31 DEC-2024 % 30 JUN-2025 31 DEC-2024 %

Total assets

164,215,443

147,133,519

12

61,699,350

54,799,654

13

Insurance contract liabilities

47,226,963

47,010,697

0

23,446,221

25,328,061

(7)

Investment contract liabilities

34,783,083

34,176,638

2

-

-

-

Total liabilities

97,692,892

92,347,922

6

31,916,159

30,913,727

3

Shareholders' fund 61,138,279 50,271,433

22 29,783,191 23,885,927

25

MUTUAL BENEFITS ASSURANCE PLC UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 SHAREHOLDING STRUCTURE AND FREE FLOAT STATUS

Share Price at end of reporting period: N1.10 (31 December 2024: N0.61)

30-Jun-25

31-Dec-24

Description

Unit

Percentage

Unit

Percentage

Issued Share Capital

20,061,622,397

100%

20,061,622,397

100%

Substantial Shareholdings(5% and above)

Charles Enterprises LLC

8,481,044,445

42.27%

8,481,044,445

42.27%

Arubiewe Farms Limited

4,409,119,444

21.98%

4,409,119,444

21.98%

Ogunbiyi Akinade Akanmu

1,100,000,000

5.48%

1,100,000,000

5.48%

CIL Risk & Asset Management Limited

816,525,303

4.07%

816,525,303

4.07%

Ogunbiyi Adedotun

611,991,460

3.05%

611,991,460

3.05%

Total Substantial Shareholdings

15,418,680,652

76.86%

15,418,680,652

76.86%

Directors' Shareholdings (direct and indirect),

excluding directors with substantial interests

Joseph Oladokun

1,000,000

0.00%

1,000,000

0.00%

Olufemi Asenuga

21,593,150

0.11%

21,593,150

0.11%

Adebiyi Ashiru-Mobolaji

8,012,654

0.04%

8,012,654

0.04%

Abidemi Sonoiki

100,000

0.00%

100,000

0.00%

Total Directors' Shareholdings

30,705,804

0.15%

30,705,804

0.15%

Other Influential Shareholdings

Charks Investment Limited

254,222,278

1.27%

254,222,278

1.27%

Total Influential Shareholdings

254,222,278

1.27%

254,222,278

1.27%

Free Floats in Units and Percentage

4,358,013,663

21.72%

4,358,013,663

21.72%

Free Float in Value

4,793,815,029

2,658,388,334

Declaration:

Mutual Benefits Assurance Plc with a free float percentage of 21.72% and value of N4,793,815,029 as at 30 June 2025, is compliant with The Exchange's free float requirements for companies listed on the Main Board.

Mutual Benefits Assurance Plc with a free float percentage of 21.72% and value of N2,658,388,334 as at 31 December 2024, is compliant with The Exchange's free float requirements for companies listed on the Main Board.



Jide Ibitayo Company Secretary

FRC/2013/NBA/00000003123

Aret Adams House 233 Ikorodu Road Ilupeju, Lagos

Date: 29 July 2025

MUTUAL BENEFITS ASSURANCE PLC UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 CERTIFICATION PURSUANT TO SECTION 60(2) OF INVESTMENT AND SECURITIES ACT NO.29 OF 2007

We the undersigned, hereby certify the following with regards to our unaudited financial statements for the period ended 30 June 2025 that:

  1. We have reviewed the report and to the best of our knowledge, the report does not contain:

    1. Any untrue statement of a material fact, or

    2. Omit to state a material fact, which would make the statements, misleading in the light of circumstances under which such statements were made;

  2. To the best of our knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operation of the Group as of, and for the periods presented in the report.

  3. We:

    1. are responsible for establishing and maintaining internal controls;

    2. have designed such internal controls to ensure that material information relating to the Company and its consolidated subsidiaries is made known to such officers by other officers within those entities particularly during the period in which these reports are being prepared;

    3. have evaluated the effectiveness of the Group's internal controls as of date of the report;

    4. have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that d

  4. We have disclosed the following information to the Audit Committee:

    1. all significant deficiencies in the design or operation of internal controls which would adversely affect the Group's ability to record, process, summarize and report financial data and have identified for the Group's auditors any material weakness in internal controls, and

    2. any fraud, whether or not material, that involves management or other employees who have significant roles in the Group's internal controls;

  5. We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.



Mr. Abayomi Ogunwo Mr. Olufemi Asenuga

FRC/2015/ICAN/00000011225 FRC/2013/CIIN/00000003104

Chief Financial Officer Managing Director/CEO

Date: 29 July 2025 Date: 29 July 2025

MUTUAL BENEFITS ASSURANCE PLC

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS

FOR THE PERIOD ENDED 30 JUNE 2025 GROUP COMPANY

in thousands of Nigerian Naira Notes

30 JUN-2025 YTD

30 JUN-2024 YTD

30 JUN-2025 YTD

30 JUN-2024 YTD

Insurance revenue 4.1 41,195,472 28,493,656 25,069,528 16,646,673

Insurance service expense 4.2 (29,494,020) (25,752,314) (18,735,691) (13,038,562)

Insurance service result before reinsurance contracts held 11,701,452 2,741,343 6,333,837 3,608,111

Net income/(expenses) from reinsurance contracts held 4.3.1 (3,726,117) (3,385,724) (2,805,370) (1,846,781)

Insurance service result 7,975,335 (644,381) 3,528,467 1,761,330

Profit on investment contracts 5 2,081,090 648,779 - -

Interest revenue calculated using the effective interest method 6 4,948,113 2,740,811 2,595,785 1,083,842

Net fair value gain on assets at FVTPL 7 54,814 (64,355) 54,814 (64,355)

Impairment loss on financial assets 8 (32,343) - - -

Net foreign exchange (losses)/gains 9 368,254 2,703,960 368,254 2,035,090

Other investment income 10 10,638 126,730 10,638 126,730

Net investment income 7,430,566 6,155,925 3,029,491 3,181,307

Net finance expenses from insurance contracts issued 11.1 (1,197,072) (706,519) (125,591) (341,304)

Net finance income from reinsurance contracts held 11.2 198,801 200,475 79,127 124,291

Net insurance finance expenses (998,271) (506,043) (46,464) (217,013)

Net insurance and investment results 14,407,630 5,005,500 6,511,494 4,725,624

Other income 12 82,148 62,722 21,046 29,612

Other employee benefit expenses 13 (694,950) (417,826) (197,211) (121,009)

Other operating expenses 14 (1,782,319) (1,671,542) (149,966) (534,178)

Other finance costs 15 (130,734) (75,248) - -

Other finance income 16 403,544 264,509 - -

Profit before income tax 12,285,319 3,168,116 6,185,363 4,100,049

Income tax expense 17 (691,561) (722,557) (200,719) (463,826)

Profit for the period 11,593,757 2,445,559 5,984,644 3,636,223

Profit attributable to:

Owners of the parent 11,273,113 2,410,347 5,984,644 3,636,223

Non-controlling interests 320,644 35,212 - -

11,593,757 2,445,559 5,984,644 3,636,223

Earnings per share:

Earnings per share for profit attributable to equity holders of parent

Basic and diluted (kobo) 18 56 12 30 18

The accounting policies and the accompanying notes form an integral part of these financial statements.

MUTUAL BENEFITS ASSURANCE PLC

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

CONSOLIDATED AND SEPARATE STATEMENTS OF OTHER COMPREHENSIVE INCOME

GROUP COMPANY

in thousands of Nigerian Naira

Notes

30 JUN-2025

YTD

30 JUN-2024

YTD

30 JUN-2025

YTD

30 JUN-2024

YTD

Profit for the period

11,593,757

2,445,559

5,984,644

3,636,223

Other comprehensive income (net of tax):

Items that may be reclassified to the profit or loss account in subsequent periods:

Exchange differences on translation of foreign operations

888,735

6,353,525

-

-

Finance income / (expenses) from insurance contracts issued

11.1

(826,430)

1,667,816

(85,242)

825,980

Finance income / (expenses) from reinsurance contracts held

11.2

113,070

(284,477)

30,040

(284,477)

175,375

7,736,864

(55,202)

541,503

Other comprehensive income not to be reclassified to profit or loss in subsequent

periods (net of tax)

Net revaluation (losses)/gains on equity instrument at FVOCI

20.1.1

(32,178)

144,779

(32,178)

144,779

(32,178)

144,779

(32,178)

144,779

Total other comprehensive income for the period, net of tax

143,197

7,881,643

(87,380)

686,282

Total comprehensive income for the period, net of tax

11,736,955

10,327,202

5,897,264

4,322,505

Total comprehensive income/(loss) attributable to:

Owners of the parent

10,866,846

8,474,770

5,897,264

4,322,505

Non-controlling interests

47

870,109

1,852,431

-

-

11,736,955 10,327,202 5,897,264 4,322,505

The accounting policies and the accompanying notes form an integral part of these financial statements.

MUTUAL BENEFITS ASSURANCE PLC

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE THREE MONTHS (QUARTER) ENDED 30 JUNE 2025

GROUP COMPANY

Three months

Three months

Three months

Three months

ended 30 June 2025 ended 30 June 2024 ended 30 June 2025 ended 30 June 2024

in thousands of Nigerian Naira

Insurance revenue 21,865,713

15,907,529

13,952,466

8,769,420

Insurance service expense (9,753,567)

(14,743,941)

(5,349,162)

(7,193,550)

Insurance service result before reinsurance contracts held 12,112,146

1,163,588

8,603,304

1,575,870

Net (expenses) / income from reinsurance contracts held (6,872,341)

(1,401,212)

(5,813,294)

(1,038,906)

Insurance service result 5,239,805

(237,624)

2,790,010

536,964

Profit on investment contracts 1,119,314

388,486

-

-

Interest revenue calculated using the effective interest method 2,500,669

1,196,179

1,301,377

546,134

Net fair value gain/(loss) on assets at FVTPL 15,099

(133,498)

15,099

(133,498)

Impairment reversal/(loss) on financial assets (2,115)

135,081

-

135,081

Net foreign exchange (loss)/gain 467,156

(1,306,717)

467,156

(1,306,717)

Other investment income 10,638

126,729

10,638

126,729

Net investment income 4,110,762

406,260

1,794,270

(632,271)

Net finance (expenses)/income from insurance contracts issued (790,884)

(393,850)

85,234

(164,410)

Net finance (expenses)/income from reinsurance contracts held (16,954)

106,552

(136,628)

64,365

Net insurance finance expenses (807,838)

(287,299)

(51,394)

(100,045)

Net insurance and Investment results 8,542,728

(118,663)

4,532,886

(195,352)

Other income 20,670

28,445

6,573

11,890

Other employee benefit expenses (199,080)

(240,437)

(110,232)

(87,224)

Other operating expenses (671,494)

(884,560)

(72,091)

(297,478)

Other finance costs (65,367)

(37,624)

-

-

Other finance income 201,772

132,255

-

-

Profit/(loss) before income tax 7,829,229

(1,120,584)

4,357,136

(568,164)

Income tax (expense)/credit (371,001)

(58,566)

(117,379)

81,237

Profit/(loss) for the period 7,458,228

(1,179,150)

4,239,757

(486,927)

Profit/(loss) attributable to:

Owners of the parent 7,292,925

(1,197,898)

4,239,757

(486,927)

Non-controlling interests 165,303

18,747

-

-

7,458,228

(1,179,150)

4,239,757

(486,927)

Other comprehensive income (net of tax):

Items that may be reclassified to the profit or loss account in subsequent

periods:

Exchange differences on translation of foreign operations 952,106

906,944

-

-

Finance income / (expenses) from insurance contracts issued (1,505,940)

25,443

(705,793)

173,578

Finance income / (expenses) from reinsurance contracts held 1,084,202

(76,190)

1,001,184

(76,190)

530,368

856,196

295,391

97,388

Other comprehensive income not to be reclassified to profit or loss in subsequent

periods (net of tax)

Net revaluation gains /(losses) on equity instrument at FVOCI -

47,461

-

47,461

-

47,461

-

47,461

Total other comprehensive income / (loss) for the period, net of tax 530,368

903,657

295,391

144,849

Total comprehensive income/(loss) for the period, net of tax 7,988,596

(275,493)

4,535,148

(342,078)

Total comprehensive income/(loss) attributable to:

Owners of the parent 7,380,920

(561,108)

4,535,148

(342,078)

Non-controlling interests 607,676

285,615

-

-

7,988,596

(275,493)

4,535,148

(342,078)

Basic and diluted earnings/(loss) per share (kobo) 36

(6)

21

(2)

The accounting policies and the accompanying notes form an integral part of these financial statements.

MUTUAL BENEFITS ASSURANCE PLC

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

CONSOLIDATED AND SEPARATE STATEMENTS OF FINANCIAL POSITION

GROUP COMPANY

in thousands of Nigerian Naira

Notes

30 JUN-2025

31 DEC-2024

30 JUN-2025

31 DEC-2024

ASSETS

Cash and cash equivalents

Financial assets

19

50,656,362

49,164,513

15,865,291

19,781,495

Financial assets at fair value through OCI

20.1

497,210

529,389

403,837

436,016

Financial assets at fair value through profit or loss

20.2

360,721

348,636

360,721

348,636

Financial assets at amortised cost

20.3

77,325,447

67,392,629

19,863,666

13,974,384

Financial assets held for trading pledged as collateral

21

406,716

363,988

406,716

363,988

Reinsurance contract Assets

22.1

11,931,755

11,898,714

10,422,510

9,590,288

Trade receivables

23

5,806,133

1,266,923

4,437,038

382,090

Other receivables and prepayments

24

2,295,739

1,554,955

364,245

342,652

Investment properties

25

5,845,000

5,845,000

100,000

100,000

Investments in subsidiaries

26

-

-

6,220,000

6,220,000

Intangible assets

27

918,116

896,967

213,450

235,558

Property, plant and equipment

28

6,948,474

6,648,035

2,501,139

2,483,810

Statutory deposit

29

500,000

500,000

300,000

300,000

Deferred tax assets

30

723,770

723,770

240,737

240,737

Total assets

164,215,443

147,133,519

61,699,350

54,799,654

LIABILITIES

Insurance contract liabilities

31

47,226,963

47,010,697

23,446,221

25,328,061

Reinsurance contract liabilities

22.2

3,541,637

2,147,782

3,461,245

1,643,580

Investment contract liabilities

32

34,783,083

34,176,638

-

-

Trade payables

33

3,146,412

2,901,017

2,388,635

1,766,233

Other liabilities

34

5,805,892

3,551,844

1,154,504

697,332

Deposit liabilities

35

1,282,296

724,647

-

-

Borrowings

36

400,870

400,870

400,870

400,870

Current income tax liabilities

37

852,827

781,516

411,773

424,740

Deferred tax liabilities

38

652,911

652,911

652,911

652,911

Total liabilities

97,692,892

92,347,922

31,916,159

30,913,727

EQUITY

Share capital

39

10,030,811

10,030,811

10,030,811

10,030,811

Share Premium

39.2

276,486

276,486

276,486

276,486

Treasury shares

40

(250)

(250)

(250)

(250)

Foreign currency translation reserve

41

15,949,814

15,588,183

-

-

Contingency reserve

42

9,561,753

7,984,617

7,175,997

5,979,068

Fair value reserve

43

(228,501)

(196,323)

209,930

242,108

Revaluation reserve

44

1,536,429

1,536,429

1,355,693

1,355,693

Insurance finance reserves

45

2,060,195

2,795,915

939,102

994,304

Retained Earnings

46

21,951,543

12,255,565

9,795,422

5,007,707

Total ordinary shareholders' equity

61,138,279

50,271,433

29,783,191

23,885,927

Owners of the parent

61,138,279

50,271,433

29,783,191

23,885,927

Non-controlling interests in equity

47

5,384,273

4,514,164

-

-

Total equity

66,522,552

54,785,597

29,783,191

23,885,927

Total liabilities and equity

164,215,443

147,133,519

61,699,350

54,799,654



The consolidated and separate financial statements and notes to the consolidated and separate financial statements were approved and authorised for issue by the Board of Directors on 29 July 2025 and were signed on its behalf by:



Dr. Akin Ogunbiyi

Mr. Olufemi Asenuga

FRC/2013/CIIN/00000003114

FRC/2013/CIIN/00000003104

Chairman

Managing Director/ CEO



Mr. Abayomi Ogunwo FRC/2015/ICAN/00000011225

Chief Finance Officer

The accounting policies and the accompanying notes form an integral part of these financial statements.

MUTUAL BENEFITS ASSURANCE PLC

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY- GROUP

For the period ended 30 June 2025 Attributable to equity holders of the Company

Foreign

in thousands of Nigerian Naira

Notes

Share capital

Share premium

Treasury shares

currency translation

reserve

Contingency reserve

Fair value reserve

Revaluation reserve

Insurance

finance reserve

Retained earnings

Total

Non -controlling

interests

Total equity

As at 1 January 2024

10,030,811

276,486

(250)

6,055,009

6,341,331

(469,009)

1,536,429

660,385

3,147,575

27,578,767

2,422,163

30,000,930

Total comprehensive income for the six months ended

30 June 2024:

Profit for the period

-

-

-

-

-

-

-

2,410,347

2,410,347

35,212

2,445,559

Other comprehensive income

-

-

-

4,529,702

-

144,779

-

1,389,943

-

6,064,424

1,817,219

7,881,643

Total comprehensive income for the year, net of tax

-

-

4,529,702

-

144,779

-

1,389,943

2,410,347

8,474,770

1,852,431

10,327,202

Transactions with owners of equity

Transfer to contingency reserve

-

-

-

-

825,335

-

-

(825,335)

-

-

-

Total transactions with owners of equity

-

-

-

-

825,335

-

-

-

(825,335)

-

-

-

As at 30 June 2024 and 1 July 2024

10,030,811

276,486

(250)

10,584,710

7,166,666

(324,230)

1,536,429

2,050,328

4,732,587

36,053,538

4,274,594

40,328,132

Total comprehensive income for the six months ended

31 December 2024:

Profit for the period

-

-

-

-

-

-

-

8,340,929

8,340,929

531,405

8,872,334

Other comprehensive income

-

-

-

5,003,473

-

127,907

-

745,587

-

5,876,967

(291,835)

5,585,131

Total comprehensive income for the period

-

-

5,003,473

-

127,907

-

745,587

8,340,929

14,217,896

239,570

14,457,466

Transactions with owners of equity

Transfer to contingency reserve

-

-

-

-

817,951

-

-

(817,951)

-

-

-

Total transactions with owners of equity

-

-

-

-

817,951

-

-

-

(817,951)

-

-

-

As at 31 December 2024

10,030,811

276,486

(250)

15,588,183

7,984,617

(196,323)

1,536,429

2,795,915

12,255,565

50,271,433

4,514,164

54,785,597

As at 1 January 2025

10,030,811

276,486

(250)

15,588,183

7,984,617

(196,323)

1,536,429

2,795,915

12,255,565

50,271,433

4,514,164

54,785,597

Total comprehensive income for the six months ended

30 June 2025:

Profit for the period

-

-

-

-

-

-

-

-

11,273,113

11,273,113

320,644

11,593,757

Other comprehensive income

-

-

-

361,631

-

(32,178)

-

(735,720)

-

(406,267)

549,465

143,198

Total comprehensive income for the period

-

-

361,631

-

(32,178)

-

(735,720)

11,273,113

10,866,846

870,109

11,736,955

Transactions with owners of equity

Transfer to contingency reserve

42

-

-

-

-

1,577,136

-

-

-

(1,577,136)

-

-

-

Total transactions with owners of equity

-

-

-

-

1,577,136

-

-

-

(1,577,136)

-

-

-

As at 30 June 2025

10,030,811

276,486

(250)

15,949,814

9,561,753

(228,501)

1,536,429

2,060,195

21,951,543

61,138,279

5,384,273

66,522,552

The accounting policies and the accompanying notes form an integral part of these financial statements.

MUTUAL BENEFITS ASSURANCE PLC

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

SEPARATE STATEMENT OF CHANGES IN EQUITY- COMPANY

For the period ended 30 June 2025 Insurance Retained earnings/

in thousands of Nigerian Naira

Notes

Share capital

Share premium

Treasury shares

Contingency reserve

Fair value reserve

Revaluation reserve

finance

reserve

(Accumulated losses)

Total

As at 1 January 2024

10,030,811

276,486

(250)

4,730,900

25,749

1,355,693

129,915

609,384

17,158,688

Total comprehensive income for the six months ended 30

-

June 2024:

Profit for the period

-

-

-

-

-

-

3,636,223

3,636,223

Other comprehensive income

-

-

-

-

144,779

-

541,503

-

686,282

Total comprehensive income for the year, net of tax

-

-

-

-

144,779

-

541,503

3,636,223

4,322,505

Transactions with owners of equity

Transfer to contingency reserve

-

-

-

727,244

-

-

-

(727,244)

-

Total transactions with owners of equity

-

-

-

727,244

-

-

-

(727,244)

-

As at 30 June 2024 and 1 July 2024

10,030,811

276,486

(250)

5,458,144

170,528

1,355,693

671,418

3,518,363

21,481,193

Total comprehensive income for the six months ended 31

December 2024:

Profit for the period

-

-

-

-

-

-

-

2,010,268

2,010,268

Other comprehensive income

-

-

-

-

71,580

-

322,886

-

394,466

Total comprehensive income for the period

-

-

-

-

71,580

-

322,886

2,010,268

2,404,734

Transactions with owners of equity

Transfer to contingency reserve

-

-

-

520,924

-

-

-

(520,924)

-

Total transactions with owners of equity

-

-

-

520,924

-

-

-

(520,924)

-

As at 31 December 2024

10,030,811

276,486

(250)

5,979,068

242,108

1,355,693

994,304

5,007,707

23,885,927

As at 1 January 2025

10,030,811

276,486

(250)

5,979,068

242,108

1,355,693

994,304

5,007,707

23,885,927

Total comprehensive income for the six months ended 30

June 2025:

Profit for the period

-

-

-

-

-

-

5,984,644

5,984,644

Other comprehensive income

-

-

-

-

(32,178)

-

(55,202)

-

(87,380)

Total comprehensive income for the period

-

-

-

-

(32,178)

-

(55,202)

5,984,644

5,897,264

Transactions with owners of equity

Transfer to contingency reserve

42

-

-

-

1,196,929

-

-

-

(1,196,929)

-

Total transactions with owners of equity

-

-

-

1,196,929

-

-

-

(1,196,929)

-

As at 30 June 2025

10,030,811

276,486

(250)

7,175,997

209,930

1,355,693

939,102

9,795,422

29,783,191

The accounting policies and the accompanying notes form an integral part of these financial statements.

MUTUAL BENEFITS ASSURANCE PLC UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 CONSOLIDATED AND SEPARATE STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30 JUNE 2025

GROUP COMPANY

in thousands of Nigerian Naira

Notes

30 JUN-2025 YTD 30 JUN-2024 YTD 30 JUN-2025 YTD 30 JUN-2024 YTD

Cash flows from operating activities

Cash premium received from insurance contract

23.1.1

47,269,021

34,230,902

22,597,786

18,428,869

Cash received from investment contract policy holders

32

6,703,119

6,062,711

-

-

Cash withdrawal by investment contract policy holders

32

(7,135,391)

(7,972,413)

-

-

Additions to deposit for premium

33.1

2,478,556

1,304,371

2,168,404

725,043

Reinsurance premium paid

22.3

(13,568,183)

(6,246,695)

(10,802,741)

(5,631,592)

Claim recoveries from reinsurers

22.3

8,196,177

1,821,776

5,785,225

1,439,633

Claims paid

31.3.3

(22,028,720)

(11,114,401)

(10,976,131)

(5,575,010)

Other directly attributable expenses

31.3.3

(13,501,473)

(6,812,052)

(8,980,471)

(4,561,372)

Insurance acquisition cash flows

31.3

(8,516,063)

(8,617,512)

(4,221,199)

(3,595,909)

Ceding commission received

22.3

1,924,721

948,652

1,489,092

819,184

Payments to non-attributable employees

13

(694,950)

(417,826)

(197,211)

(121,009)

Net other operating cash (paid)/received

2,259,362

5,196,888

2,505,782

1,523,686

Income tax paid

37

(620,250)

(307,940)

(213,686)

(184,505)

Net cash flows from operating activities

2,765,927

8,076,460

(845,152)

3,267,018

Investing activities:

Purchase of intangible assets

27

(20,209)

(45,462)

(9,106)

(19,685)

Purchase of property, plants and equipments

28

(163,091)

(291,760)

(147,900)

(64,772)

Proceeds from sale of properties, plant and equipment

558

5,000

558

5,000

Investment income received

6.3

3,117,594

2,401,465

908,437

552,108

Dividend Income

10

6,348

1

6,348

1

Loans and recievables granted

20.3.1.1

(7,315,812)

(3,899,083)

(74,161)

(33,588)

Receipts on loans and recievables

20.3.1.1

6,922,278

2,619,449

87,350

23,445

Redemption of Placements - Maturity above 90 days at amortised cost

20.3.2.1

771,545

(0)

547,671

(0)

Purchase of treasury bills at amortised cost

20.3.3.1

(23,242,193)

(7,039,200)

(10,879,924)

(2,821,000)

Redemption of treasury bills at amortised cost

20.3.3.1

20,317,827

6,167,269

7,081,522

2,737,960

Purchase of commercial papers at amortised cost

20.3.4.1

(1,734,531)

(300,162)

(609,735)

(300,162)

Redemption of commercial papers at amortised cost

20.3.4.1

264,839

467,255

217,133

367,255

Proceeds from sale of investment properties

-

420,000

-

-

Net cash flows from investing activities

(1,642,347)

504,771

(3,439,307)

446,562

Net increase/(decrease) in cash and cash equivalents

1,123,580

8,581,231

(4,284,458)

3,713,581

Effects of exchange rate changes on cash and cash equivalents

368,269

2,703,960

368,254

2,035,090

Cash and cash equivalents as at 1 January

49,164,513

33,461,379

19,781,495

9,796,235

Cash and cash equivalents as at period end

19

50,656,362

44,746,570

15,865,291

15,544,906

The accounting policies and the accompanying notes form an integral part of these financial statements.

MUTUAL BENEFITS ASSURANCE PLC

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

3

Segment information

3.1

The segment information provided by the Management Underwriting Investment Committee (MUIC) for the reporting segments as at 30 June 2025 is as follows:

Assurance business

Real estate

Microfinance

Group

Mutual Plc

Mutual Ltd

Mutual

Mutual

Mutual

Mutual

Elimination

Total

in thousands of Nigerian Naira

Nigeria

Nigeria

Niger

Liberia

Homes

Microfinance

adjustment

LIFE

MBN

MBL

MHP

MFB

Cash and cash equivalents

15,865,291

13,139,542

18,545,530

1,871,943

311

1,408,473

(174,728)

50,656,362

Financial assets at fair value through OCI

403,837

93,373

-

50,120

-

-

(50,120)

497,210

Financial assets at fair value through profit or loss

360,721

-

-

-

-

-

-

360,721

Financial assets at amortised cost

19,863,666

51,607,712

-

4,222,708

-

1,392,252

239,109

77,325,447

Financial assets held for trading pledged as collateral

406,716

-

-

-

-

-

-

406,716

Trade receivables

4,437,038

404,667

835,128

129,299

-

-

1

5,806,133

Reinsurance contract Assets

10,422,510

1,441,810

0

67,435

-

-

-

11,931,755

Other receivables and prepayments

364,245

950,047

962,099

71,482

(0)

6,665

(58,799)

2,295,739

Investment properties

100,000

5,745,000

-

-

-

-

-

5,845,000

Intangible assets

213,450

185,704

515,501

-

-

3,462

-

918,116

Property, plant and equipment

2,501,139

228,332

2,745,787

1,418,621

0

54,595

-

6,948,474

Investments in subsidiaries

6,220,000

1,095,797

-

-

-

-

(7,315,797)

-

Statutory deposit

300,000

200,000

-

-

-

-

-

500,000

Deferred tax assets

240,737

478,576

-

-

-

-

4,457

723,770

Total assets

61,699,350

75,570,560

23,604,044

7,831,608

311

2,865,447

(7,355,877)

164,215,443

Insurance contract liabilities

23,446,221

18,044,426

3,229,055

2,507,261

-

-

-

47,226,963

Reinsurance contract liabilities

3,461,245

12,701

-

67,691

-

-

-

3,541,637

Investment contract liabilities

-

34,783,083

-

-

-

-

-

34,783,083

Trade payables

2,388,635

377,354

380,423

0

-

-

-

3,146,412

Other liabilities

1,154,504

2,514,229

790,198

859,478

202,828

343,454

(58,799)

5,805,892

Deposit liabilities

-

-

-

-

-

1,457,024

(174,728)

1,282,296

Borrowings

400,870

-

-

-

-

-

-

400,870

Current income tax liabilities

411,773

175,041

-

74,810

50,750

140,167

287

852,827

Deferred tax liabilities

652,911

-

-

-

8

(4,464)

4,457

652,911

Total liabilities

31,916,159

55,906,834

4,399,676

3,509,239

253,585

1,936,181

(228,783)

97,692,892

Share capital

10,030,811

8,002,500

1,295,010

488,421

20,000

690,000

(10,495,931)

10,030,811

Treasury shares

(250)

-

-

-

-

-

-

(250)

Share premium

276,486

-

-

-

-

-

-

276,486

Foreign currency translation reserve

-

-

5,933,164

2,438,386

-

-

7,578,263

15,949,814

Contingency reserve

7,175,997

2,385,756

-

-

-

-

-

9,561,753

Fair value reserve

209,930

(377,035)

-

(87,020)

-

-

25,624

(228,501)

Revaluation reserve

1,355,693

-

139,140

74,003

-

-

(32,407)

1,536,429

Insurance finance reserves

939,102

945,994

15,821

(9,623)

-

-

168,901

2,060,195

Retained Earnings

9,795,422

8,706,511

10,956,029

1,348,194

(273,274)

231,791

(8,813,132)

21,951,543

Shareholders fund

29,783,191

19,663,726

18,339,164

4,252,362

(253,274)

921,791

(11,568,682)

61,138,279

Owners of the parent

29,783,191

19,663,726

18,339,164

4,252,362

(253,274)

921,791

(11,568,682)

61,138,279

Non-controlling interests in equity

-

-

865,204

70,007

-

7,474

4,441,588

5,384,273

Total equity

29,783,191

19,663,726

19,204,368

4,322,369

(253,274)

929,265

(7,127,094)

66,522,552

Total liabilities and equity

61,699,350

75,570,560

23,604,044

7,831,608

311

2,865,447

(7,355,877)

164,215,443

MUTUAL BENEFITS ASSURANCE PLC

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

3.2 Segment information - Continued

The segment information provided by the Management Underwriting Investment Committee (MUIC) for the reporting segments for the period ended 30 June 2025 is as follows:

Assurance b

usiness

Real estate

Microfinance

Group

Mutual Plc

Mutual Ltd

Mutual

Mutual

Mutual

Mutual

Elimination

Total

in thousands of Nigerian Naira

Nigeria

Nigeria

Niger

Liberia

Homes

Microfinance

adjustment

Insurance revenue

25,069,528

7,171,984

6,980,898

1,973,062

- -

41,195,472

Insurance service expense

(18,735,691)

(4,693,661)

(5,232,023)

(832,645)

- -

(29,494,020)

Insurance service result before reinsurance contracts held

6,333,837

2,478,323

1,748,876

1,140,417

- -

-

11,701,452

Net income/(expenses) from reinsurance contracts held

(2,805,370)

(971,465)

150,240

(99,522)

- -

(3,726,117)

Net income / (expenses) from reinsurance contracts held

(2,805,370)

(971,465)

150,240

(99,522)

- -

-

(3,726,117)

Insurance service result

3,528,467

1,506,858

1,899,115

1,040,895

- -

-

7,975,335

Profit/(loss) on investment contracts

-

2,081,090

-

-

- -

2,081,090

Interest revenue calculated using the effective interest method

2,595,785

2,020,148

242,639

89,541

- -

4,948,113

Net fair value gain on assets at FVTPL

54,814

-

-

-

- -

54,814

Impairment loss on financial assets

-

-

(37,011)

(283,047)

- (27,483)

315,198

(32,343)

Net foreign exchange (losses)/gains

368,254

-

-

-

- -

368,254

Other investment income

10,638

-

-

-

- -

10,638

Net investment income

3,029,491

4,101,238

205,628

(193,506)

- (27,483)

315,198

7,430,566

Net finance expenses from insurance contracts issued

(125,591)

(939,530)

(74,408)

(57,542)

- -

(1,197,072)

Net finance income from reinsurance contracts held

79,127

119,674

-

-

- -

198,801

Net insurance finance expenses

(46,464)

(819,856)

(74,408)

(57,542)

- -

-

(998,271)

Net insurance and Investment results

6,511,494

4,788,240

2,030,336

789,846

- (27,483)

315,198

14,407,630

Other income

21,046

1,000

-

-

- 60,102

82,148

Other employee benefit expenses

(197,211)

(238,599)

(174,079)

(36,457)

- (48,604)

(694,950)

Other operating expenses

(149,966)

(681,282)

(791,616)

(58,124)

- (101,331)

(1,782,319)

Other finance costs

-

-

-

-

- (130,734)

(130,734)

Other finance income

-

-

-

-

- 403,544

403,544

Profit/(Loss) before income tax

6,185,363

3,869,359

1,064,640

695,265

- 155,493

315,198

12,285,319

Income tax expense

(200,719)

(67,292)

(326,059)

(45,089)

- (52,403)

(691,561)

Profit/(Loss) for the year

5,984,644

3,802,067

738,582

650,176

- 103,090

315,198

11,593,757

Profit attributable to:

Owners of the parent

5,984,644

3,802,067

457,921

617,668

- 95,616

315,198

11,273,113

Non-controlling interests

-

-

280,661

32,509

- 7,474

-

320,644

5,984,644

3,802,067

738,582

650,176

- 103,090

315,198

11,593,757

Other comprehensive (loss)/income (net of tax):

Items that may be reclassified to the profit or loss in subsequent period:

Exchange differences on translation of foreign operations

-

-

1,462,630

(573,895)

- -

888,735

Finance income / (expenses) from insurance contracts issued

(85,242)

(800,147)

58,824

135

- -

(826,430)

Finance income / (expenses) from reinsurance contracts held

30,040

83,018

-

12

- -

113,070

(55,202)

(717,129)

1,521,454

(573,747)

- -

-

175,375

Items not to be reclassified to profit or loss in subsequent periods

Net revaluation (losses)/gains on equity instrument at FVOCI

(32,178)

-

-

-

- -

(32,178)

(32,178)

-

-

-

- -

-

(32,178)

Total other comprehensive (loss)/income for the period, net of tax

(87,380)

(717,129)

1,521,454

(573,747)

- -

-

143,197

Total comprehensive income/(loss) for the period, net of tax

5,897,264

3,084,938

2,260,036

76,429

- 103,090

315,198

11,736,955

Total comprehensive income/(loss) attributable to:

Owners of the parent

5,897,264

3,084,938

1,401,222

72,608

- 95,616

315,198

10,866,846

Non-controlling interests

-

-

858,814

3,821

- 7,474

-

870,109

5,897,264

3,084,938

2,260,036

76,429

- 103,090

315,198

11,736,955

MUTUAL BENEFITS ASSURANCE PLC

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

  1. Insurance Service Result

    1. Insurance Revenue

      GROUP COMPANY

      in thousands of Nigerian Naira Notes

      30 JUN-2025 YTD

      30 JUN-2024 YTD

      30 JUN-2025 YTD

      30 JUN-2024 YTD

      Contracts not measured under the PAA

      Amounts relating to the changes in the LRC:

      Expected incurred claims and other expenses after loss component allocation

      785,090

      655,932

      703,016

      622,922

      Changes in the risk adjustment for non-financial risk for the risk expired after loss component allocation

      155,809

      121,233

      144,139

      108,100

      CSM recognised in profit or loss for the services provided

      411,674

      120,552

      60,743

      49,329

      Insurance acquisition cash flows recovery

      323,467

      244,863

      204,417

      131,482

      Insurance revenue from contracts not measured under the PAA

      1,676,039

      1,142,580

      1,112,316

      911,833

      Insurance revenue from contracts measured under the PAA

      39,519,433

      27,351,076

      23,957,213

      15,734,839

      Total Insurance Revenue

      41,195,472

      28,493,656

      25,069,528

      16,646,673

      1. The breakdown of insurance revenue by major product line is presented below:

        Group 30 JUN-2025 YTD

        Non-Life Life

        in thousands of Nigerian Naira Notes Aviation Bond Engineering Fire General Accident Marine Motor Oil & Gas Group Life Individual Life Annuity Medical TotalContracts not measured under the PAA

        Amounts relating to the changes in the liability for remaining coverage:

        Expected incurred claims and other expenses after loss component allocation - 18,696 684,320 - - - - - - 81,170 904 - 785,090

        Changes in the risk adjustment for non-financial risk for the risk expired after loss component allocation

        - 1,838 142,301 - - - - - - 11,628 42 - 155,809

        CSM recognised for the services provided - 34,824 25,919 - - - - - - 350,758 172 - 411,674

        Insurance acquisition cash flows recovery - 5,554 198,864 - - - - - - 119,049 - - 323,467

        Insurance revenue from contracts not measured under the PAA - 60,912 1,051,404 - - - - - - 562,605 1,119 - 1,676,039

        Insurance revenue from contracts measured under the PAA 1,136,443 - 62,698 4,928,465 2,267,655 4,175,321 12,056,402 3,914,393 6,949,748 105,288 - 3,923,021 39,519,433

        Total Insurance Revenue 1,136,443 60,912 1,114,101 4,928,465 2,267,655 4,175,321 12,056,402 3,914,393 6,949,748 667,893 1,119 3,923,021 41,195,472

        30 JUN-2024 YTD

        in thousands of Nigerian Naira Notes Aviation Bond Engineering Fire General Accident Marine Motor Oil & Gas Group Life Individual Life Annuity Medical TotalContracts not measured under the PAA

        Amounts relating to the changes in the liability for remaining coverage:

        Expected incurred claims and other expenses after loss component allocation - 12,369 610,553 - - - - - 34,117 (1,107) 655,932

        Changes in the risk adjustment for non-financial risk for the risk expired after loss component allocation

        - 1,172 106,928 - - - - - 13,082 51 121,233

        CSM recognised for the services provided - 29,107 20,222 - - - - - 71,223 - 120,552

        Insurance acquisition cash flows recovery - 1,935 129,548 - - - - - 113,381 - 244,863

        Insurance revenue from contracts not measured under the PAA - 44,583 867,251 - - - - - - 231,803 (1,056) - 1,142,580

        Insurance revenue from contracts measured under the PAA 909,809 439 13,113 3,506,349 1,913,107 2,674,022 6,844,114 2,678,488 7,044,455 49,580 1,717,602 27,351,076

        Total Insurance Revenue 909,809 45,021 880,363 3,506,349 1,913,107 2,674,022 6,844,114 2,678,488 7,044,455 281,383 (1,056) 1,717,602 28,493,656

        Company 30 JUN-2025 YTD

        in thousands of Nigerian Naira Notes Aviation Bond Engineering Fire General Accident Marine Motor Oil & Gas Group Life Individual Life Annuity Medical TotalContracts not measured under the PAA

        Amounts relating to the changes in the liability for remaining coverage:

        Expected incurred claims and other expenses after loss component allocation - 18,696 684,320 - - - - - - - - - 703,016

        Changes in the risk adjustment for non-financial risk for the risk expired after loss component allocation

        - 1,838 142,301 - - - - - - - - - 144,139

        CSM recognised in profit or loss for the services provided - 34,824 25,919 - - - - - - - - - 60,743 Insurance acquisition cash flows recovery - 5,554 198,864 - - - - - - - - - 204,417 Insurance revenue from contracts not measured under the PAA - 60,912 1,051,404 - - - - - - - - - 1,112,316

        Insurance revenue from contracts measured under the PAA 1,136,443 - - 4,713,381 1,765,304 4,151,661 8,276,030 3,914,393 - - - - 23,957,213

        Total Insurance Revenue 1,136,443 60,912 1,051,404 4,713,381 1,765,304 4,151,661 8,276,030 3,914,393 - - - - 25,069,528

        30 JUN-2024 YTD

        in thousands of Nigerian Naira Notes Aviation Bond Engineering Fire General Accident Marine Motor Oil & Gas Group Life Individual Life Annuity Medical TotalContracts not measured under the PAA

        Amounts relating to the changes in the liability for remaining coverage::

        Expected incurred claims and other expenses after loss component allocation - 12,369 610,553 - - - - - - - - - 622,922

        Changes in the risk adjustment for non-financial risk for the risk expired after loss component allocation

        - 1,172 106,928 - - - - - - - - - 108,100

        CSM recognised in profit or loss for the services provided - 29,107 20,222 - - - - - - - - - 49,329 Insurance acquisition cash flows recovery - 1,935 129,548 - - - - - - - - - 131,482 Insurance revenue from contracts not measured under the PAA - 44,583 867,251 - - - - - - - - - 911,833

        Insurance revenue from contracts measured under the PAA 909,809 - - 3,425,205 1,605,942 2,663,607 4,451,789 2,678,488 - - - - 15,734,839

        Total Insurance Revenue 909,809 44,583 867,251 3,425,205 1,605,942 2,663,607 4,451,789 2,678,488 - - - - 16,646,674

        MUTUAL BENEFITS ASSURANCE PLC

        UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

        NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

    2. Insurance Service Expense

      in thousands of Nigerian Naira

      Notes

      GROUP

      COMPANY

      30 JUN-2025 30 JUN-2024

      YTD YTD

      30 JUN-2025 YTD

      30 JUN-2024 YTD

      Incurred claims and other directly attributable expenses

      43,932,657 28,441,680

      32,713,269

      15,851,045

      Changes that relate to past service - adjustments to the LIC

      (22,025,562) (9,046,939)

      (17,779,923)

      (5,060,141)

      Losses on onerous contracts and reversal of the losses

      262,752 1,507,403

      (5,924)

      (69,097)

      Insurance acquisition cash flows amortisation

      7,324,173 4,850,170

      3,808,269

      2,316,755

      Total Insurance Service Expenses

      29,494,020 25,752,314

      18,735,691

      13,038,562

      1. The breakdown of insurance service expenses by major product line is presented below:

        Group

        30 JUN-2025 YTD

        in thousands of Nigerian Naira

        Notes

        Aviation

        Bond

        Engineering

        Fire

        General Accident

        Marine

        Motor

        Oil & Gas

        Group Life

        Individual Life

        Annuity

        Medical

        Total

        Incurred claims and other directly attributable expenses

        2,660,775

        693,890

        501,920

        4,475,804

        9,211,817

        3,322,284

        7,151,555

        6,803,878

        5,726,088

        265,740

        190

        3,118,716

        43,932,657

        Changes that relate to past service - adjustments to the LIC

        (1,584,692)

        (705,484)

        (152,126)

        (1,493,024)

        (1,257,784)

        (2,158,783)

        (1,652,571)

        (9,769,455)

        (2,492,228)

        (62,734)

        -

        (696,681)

        (22,025,562)

        Losses on onerous contracts and reversal of the losses

        (18,686)

        (0)

        (63,797)

        48,969

        26,314

        1,231

        (354)

        -

        42,567

        288,183

        (11,464)

        (50,211)

        262,752

        Insurance acquisition cash flows amortisation

        238,177

        5,554

        204,259

        921,285

        361,699

        668,497

        1,243,866

        602,475

        2,630,018

        91,568

        -

        356,775

        7,324,173

        Total Insurance Service Expenses

        1,295,575

        (6,040)

        490,256

        3,953,034

        8,342,047

        1,833,228

        6,742,497

        (2,363,102)

        5,906,444

        582,757

        (11,275)

        2,728,599

        29,494,020

        30 JUN-2024 YTD

        in thousands of Nigerian Naira

        Notes

        Aviation

        Bond

        Engineering

        Fire

        General Accident

        Marine

        Motor

        Oil & Gas

        Group Life

        Individual Life

        Annuity

        Medical

        Total

        Incurred claims and other directly attributable expenses

        819,571

        807,969

        750,198

        3,274,538

        2,406,067

        2,937,333

        5,067,399

        2,085,333

        6,883,806

        889,713

        (0)

        2,519,752

        28,441,680

        Changes that relate to past service - adjustments to the LIC

        (256,227)

        (76,906)

        (442,057)

        (651,214)

        (820,835)

        (1,479,144)

        (1,212,895)

        (635,775)

        (2,601,876)

        (137,216)

        0

        (732,793)

        (9,046,939)

        Losses on onerous contracts and reversal of the losses

        -

        0

        4,420

        (461)

        (73,014)

        -

        356

        -

        278,728

        1,241,949

        (2,425)

        57,849

        1,507,403

        Insurance acquisition cash flows amortisation

        163,747

        1,994

        130,976

        607,877

        298,510

        265,694

        831,450

        400,131

        1,814,227

        128,299

        -

        207,266

        4,850,170

        Total Insurance Service Expenses

        727,090

        733,057

        443,537

        3,230,741

        1,810,727

        1,723,882

        4,686,311

        1,849,689

        6,374,885

        2,122,745

        (2,425)

        2,052,074

        25,752,314

        Company

        30 JUN-2025 YTD

        in thousands of Nigerian Naira

        Notes

        Aviation

        Bond

        Engineering

        Fire

        General Accident

        Marine

        Motor

        Oil & Gas

        Group Life

        Individual Life

        Annuity

        Medical

        Total

        Incurred claims and other directly attributable expenses

        2,660,775

        121,070

        501,920

        4,469,667

        9,176,470

        3,286,883

        5,692,606

        6,803,878

        -

        -

        -

        -

        32,713,269

        Changes that relate to past service - adjustments to the LIC

        (1,584,692)

        (87,629)

        (152,126)

        (1,493,024)

        (1,257,400)

        (2,158,783)

        (1,276,815)

        (9,769,455)

        -

        -

        -

        -

        (17,779,923)

        Losses on onerous contracts and reversal of the losses

        (18,686)

        0

        (63,797)

        48,969

        26,314

        1,231

        45

        -

        -

        -

        -

        -

        (5,924)

        Insurance acquisition cash flows amortisation

        238,177

        5,554

        198,864

        902,682

        316,228

        666,492

        877,798

        602,475

        -

        -

        -

        -

        3,808,269

        Total Insurance Service Expenses

        1,295,575

        38,995

        484,860

        3,928,294

        8,261,612

        1,795,822

        5,293,634

        (2,363,102)

        -

        -

        -

        -

        18,735,691

        30 JUN-2024 YTD

        in thousands of Nigerian Naira

        Notes

        Aviation

        Bond

        Engineering

        Fire

        General Accident

        Marine

        Motor

        Oil & Gas

        Group Life

        Individual Life

        Annuity

        Medical

        Total

        Incurred claims and other directly attributable expenses

        819,571

        95,272

        750,198

        3,251,012

        2,368,772

        2,932,911

        3,547,975

        2,085,333

        -

        -

        -

        -

        15,851,045

        Changes that relate to past service - adjustments to the LIC

        (256,227)

        (76,906)

        (442,057)

        (651,214)

        (820,145)

        (1,479,144)

        (698,672)

        (635,775)

        -

        -

        -

        -

        (5,060,141)

        Losses on onerous contracts and reversal of the losses

        -

        0

        4,420

        (461)

        (73,014)

        -

        (41)

        -

        -

        -

        -

        -

        (69,097)

        Insurance acquisition cash flows amortisation

        163,747

        1,935

        129,548

        600,040

        273,003

        264,572

        483,781

        400,131

        -

        -

        -

        -

        2,316,755

        Total Insurance Service Expenses

        727,090

        20,301

        442,109

        3,199,377

        1,748,615

        1,718,339

        3,333,043

        1,849,689

        -

        -

        -

        -

        13,038,562

        4.3

        Net income/(expenses) from reinsurance contracts held

        in thousands of Nigerian Naira

        Notes

        GROUP

        COMPANY

        30 JUN-2025 YTD

        30 JUN-2024 YTD

        30 JUN-2025 YTD

        30 JUN-2024 YTD

        Allocation of reinsurance premiums

        (6,297,376)

        (4,510,009)

        (5,197,808)

        (3,868,044)

        Amounts recoverable for incurred claims and other expenses

        13,122,234

        4,139,977

        12,771,289

        3,573,214

        Changes to amounts recoverable for incurred claims

        (10,483,456)

        (3,019,557)

        (10,311,333)

        (1,555,815)

        Loss-recovery on onerous underlying contracts and adjustments

        (67,519)

        3,865

        (67,519)

        3,865

        Total net (expenses)/income from reinsurance contracts held

        (3,726,117)

        (3,385,724)

        (2,805,370)

        (1,846,781)

        MUTUAL BENEFITS ASSURANCE PLC

        UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

        NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

        in thousands of Nigerian Naira

        Notes

        GROUP

        COMPANY

        30 JUN-2025 30 JUN-2024

        YTD YTD

        30 JUN-2025 YTD

        30 JUN-2024 YTD

        Reinsurance income/(expenses) - contracts not measured under the PAA:

        Amounts relating to changes in the remaining coverage:

        Expected claims and other expenses recovery

        2,446 (103,957)

        2,446

        (103,957)

        Changes in the risk adjustment recognised for the risk expired

        575 (17,472)

        575

        (17,472)

        CSM recognised for the services received

        (302,608) (132,223)

        (302,608)

        (132,223)

        Reinsurance expenses from contracts not measured under the PAA Amounts recoverable from reinsurers for incurred claims:

        Claims recovered

        (299,587) (253,651)

        776,018 317,829

        (299,587)

        776,018

        (253,651)

        317,829

        Movement in Loss Recovery Component adjustment to Reinsurance CSM/ARC (PAA)

        - -

        -

        -

        Changes that relate to past service - adjustments to incurred claims

        (722,478) (191,006)

        (722,478)

        (191,006)

        Amounts recoverable from reinsurers for incurred claims

        53,540 126,823

        53,540

        126,823

        Reinsurance income/(expenses) - contracts not measured under the PAA

        (246,047) (126,828)

        (246,047)

        (126,828)

        Reinsurance income/(expenses) - contracts measured under the PAA:

        Allocation of reinsurance premiums

        (5,997,789) (4,256,358)

        (4,898,221)

        (3,614,393)

        Amounts recoverable from reinsurers for incurred claims:

        Claims recovered

        12,346,216 3,822,148

        11,995,271

        3,255,384

        Movement in Loss Recovery Component adjustment to Reinsurance CSM/ARC (PAA)

        (67,519) 3,865

        (67,519)

        3,865

        Changes that relate to past service - adjustments to incurred claims

        (9,760,978) (2,828,550)

        (9,588,855)

        (1,364,808)

        Amounts recoverable from reinsurers for incurred claims

        2,517,719 997,462

        2,338,898

        1,894,441

        Reinsurance income/(expenses) - contracts measured under the PAA

        (3,480,070) (3,258,896)

        (2,559,323)

        (1,719,953)

        Total net (expenses)/income from reinsurance contracts held

        (3,726,117) (3,385,724)

        (2,805,370)

        (1,846,781)

        The breakdown of net income expenses from reinsurance contracts held by major product line is presented below:

        Group

        30 JUN-2025 YTD

        in thousands of Nigerian Naira

        Notes

        Aviation

        Bond

        Engineering

        Fire

        General Accident

        Marine

        Motor

        Oil & Gas

        Group Life Individual Life

        Annuity Medical

        Total

        Amounts relating to changes in the remaining coverage - for contracts not measured under the P

        AA:

        Expected claims and other expenses recovery

        -

        -

        2,446

        -

        -

        -

        -

        -

        - -

        -

        2,446

        Changes in the risk adjustment recognised for the risk expired

        -

        -

        575

        -

        -

        -

        -

        -

        - -

        -

        575

        CSM recognised for the services received

        -

        (1,136)

        (301,472)

        -

        -

        -

        -

        -

        - -

        -

        (302,608)

        Reinsurance expenses from contracts not measured under the PAA

        -

        (1,136)

        (298,451)

        -

        -

        -

        -

        -

        - -

        - -

        (299,587)

        Allocation of reinsurance premiums - contracts measured under the PAA

        (257,149)

        -

        (11,842)

        (1,768,205)

        (863,998)

        (1,121,318)

        (299,081)

        (1,068,781)

        (599,929) (7,485)

        - -

        (5,997,789)

        Allocation of reinsurance premiums

        (257,149)

        (1,136)

        (310,293)

        (1,768,205)

        (863,998)

        (1,121,318)

        (299,081)

        (1,068,781)

        (599,929) (7,485)

        - -

        (6,297,376)

        Amounts recoverable from reinsurers for incurred claims:

        Other incurred directly attributable expenses

        -

        Claims recovered

        35,094

        -

        776,018

        1,680,763

        5,793,598

        1,014,918

        529,722

        2,971,967

        251,422 -

        - 68,732

        13,122,234

        Movement in Loss Recovery Component adjustment to Reinsurance CSM/ARC (PAA)

        (10,063)

        -

        -

        (18,450)

        (39,004)

        -

        (3)

        -

        - -

        - -

        (67,519)

        Changes that relate to past service - adjustments to incurred claims

        (297,776)

        5,879

        (728,357)

        (623,613)

        (491,309)

        (1,294,608)

        (176,361)

        (6,705,187)

        (172,124) -

        - -

        (10,483,456)

        Amounts recoverable from reinsurers for incurred claims

        (272,745)

        5,879

        47,661

        1,038,700

        5,263,285

        (279,690)

        353,359

        (3,733,221)

        79,298 -

        - 68,732

        2,571,259

        Total net income/(expenses) from reinsurance contracts held

        (529,894)

        4,743

        (262,632)

        (729,505)

        4,399,287

        (1,401,009)

        54,278

        (4,802,002)

        (520,631) (7,485)

        - 68,732

        (3,726,117)

        30 JUN-2024 YTD

        in thousands of Nigerian Naira

        Notes

        Aviation

        Bond

        Engineering

        Fire

        General Accident

        Marine

        Motor

        Oil & Gas

        Group Life Individual Life

        Annuity Medical

        Total

        Amounts relating to changes in the remaining coverage - for contracts not measured under the P

        AA:

        Expected claims and other expenses recovery

        -

        15

        (103,971)

        -

        -

        -

        -

        -

        - -

        - -

        (103,957)

        Changes in the risk adjustment recognised for the risk expired

        -

        1

        (17,473)

        -

        -

        -

        -

        -

        - -

        - -

        (17,472)

        CSM recognised for the services received

        -

        (38)

        (132,185)

        -

        -

        -

        -

        -

        - -

        - -

        (132,223)

        Reinsurance expenses from contracts not measured under the PAA

        -

        (21)

        (253,630)

        -

        -

        -

        -

        -

        - -

        - -

        (253,651)

        Allocation of reinsurance premiums - contracts measured under the PAA

        (306,074)

        (21)

        (1,488)

        (965,660)

        (316,867)

        (421,959)

        (343,809)

        (1,516,609)

        (381,518) (7,237)

        - 4,884

        (4,256,358)

        Allocation of reinsurance premiums

        (306,074)

        (43)

        (255,118)

        (965,660)

        (316,867)

        (421,959)

        (343,809)

        (1,516,609)

        (381,518) (7,237)

        - 4,884

        (4,510,009)

        Amounts recoverable from reinsurers for incurred claims:

        Claims recovered

        12,439

        -

        317,829

        903,860

        603,999

        1,432,918

        255,067

        47,102

        566,764

        4,139,977

        Movement in Loss Recovery Component adjustment to Reinsurance CSM/ARC (PAA)

        -

        -

        3,865

        -

        -

        -

        -

        -

        3,865

        Changes that relate to past service - adjustments to incurred claims

        (95,386)

        1,725

        (192,732)

        (346,228)

        (273,450)

        (344,118)

        (109,263)

        (196,364)

        (1,463,742)

        (3,019,557)

        Amounts recoverable from reinsurers for incurred claims

        (82,947)

        1,725

        128,963

        557,632

        330,548

        1,088,800

        145,805

        (149,262)

        (896,978) -

        - -

        1,124,285

        Total net income/(expenses) from reinsurance contracts held

        (389,021)

        1,682

        (126,155)

        (408,028)

        13,681

        666,841

        (198,004)

        (1,665,871)

        (1,278,497) (7,237)

        - 4,884

        (3,385,724)

        4.3.1 The breakdown of net income/(expenses) from reinsurance contracts held by measurement component:

        4.3.2

        MUTUAL BENEFITS ASSURANCE PLC

        UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

        NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

        Company

        30 JUN-2025 YTD

        in thousands of Nigerian Naira

        Notes

        Aviation

        Bond

        Engineering

        Fire

        General Accident

        Marine

        Motor

        Oil & Gas

        Group Life

        Individual Life

        Annuity

        Medical

        Total

        Amounts relating to changes in the remaining coverage - for contracts not measured under the

        PAA:

        Expected claims and other expenses recovery

        -

        -

        2,446

        -

        -

        -

        -

        -

        2,446

        Changes in the risk adjustment recognised for the risk expired

        -

        -

        575

        -

        -

        -

        -

        -

        575

        CSM recognised for the services received

        -

        (1,136)

        (301,472)

        -

        -

        -

        -

        -

        (302,608)

        Reinsurance expenses from contracts not measured under the PAA

        -

        (1,136)

        (298,451)

        -

        -

        -

        -

        -

        -

        -

        -

        - (299,587)

        Allocation of reinsurance premiums - contracts measured under the PAA

        (257,149)

        -

        -

        (1,702,519)

        (748,754)

        (1,119,102)

        (1,916)

        (1,068,781)

        (4,898,221)

        Allocation of reinsurance premiums

        (257,149)

        (1,136)

        (298,451)

        (1,702,519)

        (748,754)

        (1,119,102)

        (1,916)

        (1,068,781)

        -

        -

        -

        - (5,197,808)

        Amounts recoverable from reinsurers for incurred claims:

        Other incurred directly attributable expenses

        -

        -

        -

        -

        -

        -

        -

        -

        -

        Claims recovered

        35,094

        -

        776,018

        1,680,763

        5,793,272

        1,010,614

        503,561

        2,971,967

        12,771,289

        Movement in Loss Recovery Component adjustment to Reinsurance CSM/ARC (PAA)

        (10,063)

        -

        -

        (18,450)

        (39,004)

        -

        (3)

        -

        (67,519)

        Changes that relate to past service - adjustments to incurred claims

        (297,776)

        5,879

        (728,357)

        (623,613)

        (491,309)

        (1,294,608)

        (176,361)

        (6,705,187)

        (10,311,333)

        Amounts recoverable from reinsurers for incurred claims

        (272,745)

        5,879

        47,661

        1,038,700

        5,262,960

        (283,994)

        327,197

        (3,733,221)

        -

        -

        -

        - 2,392,438

        Total net income/(expenses) from reinsurance contracts held

        (529,894)

        4,743

        (250,790)

        (663,818)

        4,514,205

        (1,403,096)

        325,282

        (4,802,002)

        -

        -

        -

        - (2,805,370)

        30 JUN-2024 YTD

        in thousands of Nigerian Naira

        Notes

        Aviation

        Bond

        Engineering

        Fire

        General Accident

        Marine

        Motor

        Oil & Gas

        Group Life

        Individual Life

        Annuity

        Medical

        Total

        Amounts relating to changes in the remaining coverage - for contracts not measured under the

        PAA:

        Expected claims and other expenses recovery

        -

        15

        (103,971)

        -

        -

        -

        -

        -

        (103,957)

        Changes in the risk adjustment recognised for the risk expired

        -

        1

        (17,473)

        -

        -

        -

        -

        -

        (17,472)

        CSM recognised for the services received

        -

        (38)

        (132,185)

        -

        -

        -

        -

        -

        (132,223)

        Reinsurance expenses from contracts not measured under the PAA

        -

        (21)

        (253,630)

        -

        -

        -

        -

        -

        -

        -

        -

        - (253,651)

        Allocation of reinsurance premiums - contracts measured under the PAA

        (306,074)

        -

        -

        (956,933)

        (295,370)

        (420,777)

        (118,630)

        (1,516,609)

        (3,614,393)

        Allocation of reinsurance premiums

        (306,074)

        (21)

        (253,630)

        (956,933)

        (295,370)

        (420,777)

        (118,630)

        (1,516,609)

        -

        -

        -

        - (3,868,044)

        Amounts recoverable from reinsurers for incurred claims:

        Claims recovered

        12,439

        -

        317,829

        903,860

        603,999

        1,432,918

        255,067

        47,102

        3,573,214

        Changes that relate to past service - adjustments to incurred claims

        (95,386)

        1,725

        (192,732)

        (346,228)

        (273,450)

        (344,118)

        (109,263)

        (196,364)

        (1,555,815)

        Amounts recoverable from reinsurers for incurred claims

        (82,947)

        1,725

        128,963

        557,632

        330,548

        1,088,800

        145,805

        (149,262)

        -

        -

        -

        - 2,021,264

        Total net income/(expenses) from reinsurance contracts held

        (389,021)

        1,704

        (124,667)

        (399,301)

        35,178

        668,023

        27,175

        (1,665,871)

        -

        -

        -

        - (1,846,781)

        MUTUAL BENEFITS ASSURANCE PLC

        UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025

        NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

  2. Profit on investment contracts

    GROUP COMPANY

    30 JUN-2025

    30 JUN-2024

    30 JUN-2025

    30 JUN-2024

    in thousands of Nigerian Naira

    Notes

    YTD

    YTD

    YTD

    YTD

    Interest income

    6.3

    3,305,517

    1,769,130

    -

    -

    Surrender fee

    344,811

    345,818

    -

    -

    Net rental income derived from investment properties 10,163 95,817 - -

    Income earned on Investment contracts funds

    3,660,491

    2,210,765

    -

    -

    Acquisition cost on investment policies

    (540,683)

    (392,920)

    -

    -

    Guaranteed interest (1,038,718) (1,169,066) - -

    2,081,090 648,779 - -

  3. Interest revenue calculated using the effective interest method

    1. Interest income from Insurance contracts:

      Interest income calculated using the effective interest method:

      Interest income on loans and advances 563 1,098 506 829

      Interest income on fixed term deposits 1,441,768 631,409 586,419 154,935 Interest income on lease - 211 - 211

      Interest from current accounts with banks 50 88 50 9

      Interest income from treasury bills 2,941,661 1,722,128 1,561,697 621,023

      Interest income from commercial papers 71,900 17,698 71,900 17,698

      4,455,942 2,372,632 2,220,572 794,705

    2. Interest income from Shareholders funds:

      Interest income calculated using the effective interest method:

      Interest income on fixed term deposits

      401,149

      294,385

      343,592

      238,705

      Interest income on statutory deposit

      48,623

      18,526

      29,174

      11,186

      Interest from current accounts with banks

      6,854

      49

      -

      14

      Interest income from treasury bills

      32,779

      17,028

      (319)

      1,041

      Interest income from commercial papers

      2,766

      38,191 2,766 38,191

      492,171

      368,179 375,213 289,137

      4,948,113 2,740,811 2,595,785 1,083,842

  4. Net fair value gain/(loss) on assets at FVTPL

    GROUP COMPANY

    in thousands of Nigerian Naira Notes

    30 JUN-2025 YTD

    30 JUN-2024 YTD

    30 JUN-2025 YTD

    30 JUN-2024 YTD

    Fair value gains/(losses) on quoted equity shares 20.2.1

    12,085

    (17,064)

    12,085

    (17,064)

    Fair value gains/(losses) on financial assets held for trading pledged as 21

    42,728

    (47,291)

    42,728

    (47,291)

    54,814

    (64,355)

    54,814

    (64,355)

    collateral

  5. Impairment loss/(reversal) on financial assets

    Financial assets at amortised cost - Loans and receivables 20.3.1.3 27,483 - - -Other receivables 24.5 4,860 - - -

    32,343 - - -

  6. Net foreign exchange gains

    GROUP COMPANY

    in thousands of Nigerian Naira Notes

    30 JUN-2025 YTD

    30 JUN-2024 YTD

    30 JUN-2025 YTD

    30 JUN-2024 YTD

    Net foreign exchange gain on bank balances 368,269 2,703,960 368,254 2,035,090

    368,254 2,703,960 368,254 2,035,090

  7. Other investment income

Dividend income 6,348 1 6,348 1

Rental income 4,290 126,729 4,290 126,729

10,638 126,730 10,638 126,730

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