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1. Head Office:
Aret Adams House,
233, Ikorodu
Road, Ilupeju
P. O. Box
70986,
Victoria Island, Lagos.
Tel: 234-01-2793456-8, 27129812;
Fax: 234-01-2793458, 2712985.
E-mail: info@mutualbenefitsassurance.com
Website: http://www.mutualbenefitsassurance.com
2. Nature of Business:
General Insurance, Life and Pension.
3. Date of Incorporation:
18th April 1995
4. Date Listed on The Exchange:
3rd June, 2002
5. NSE Classification:
Insurance
6. Board of Directors:
Mr. Chamberlain Oyibo (Chairman)
Mr. Akin Ogunbiyi (MD/CEO)
Mr. Godspower U. Agofure
Mr. David O. Balogun
Mr. R. A. Olatunji
Mr. Akin Opeodu
Dr. M. O. Ajaja
Mrs. I. Z. Aret-Adams
Chief Ladi Rotimi-Williams (SAN)
Mr. Fisayo Oyedeji
Mr. Ariyo Ajaja
Mr. Michael J. Govan
Mr. Daniel H. Rossen
7. Company Secretary:
Abdullahi Taiwo & Co.,
Goodwill House,
278, Ikorodu
Road,
Anthony, Lagos
State.
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8. Auditors:
Babington Ashaye & Co.,
(Chartered Accountants)
Speedway
House,
21, Araromi
Street,
Off Moloney
Street,
Onikan, Lagos.
P. O. Box
51689,
Falomo - Ikoyi, Lagos.
Tel: 234-01-4717858, 7936911
Fax 234-01-2631279
E-mail: info@babington.biz
Website: http://www.babington.biz
9. Company Registrars:
NIDB Trustees Limited
10, Amodu
Ojikutu Street,
Victoria Island, Lagos.
Tel: 234-01-2715215
Fax: 234-01-2715214
E-mail: nidbtrust@hyperia.com
10. Subsidiaries/Associates:
Mutual Benefits Life Assurance Ltd.
Mutual Benefits Asset Management Ltd
Mutual Benefits Properties Ltd
11. End of Accounting Year
31st December
12. Number of Employee
236
13. Analysis of Shareholding:
Nigerian Citizens and Associations 100%
14.Capital Structure
i. Authorised: N5,000,000,000.00
ii. Paid-Up
N4,000,000,000.00
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FIVE-YEAR FINANCIAL SUMMARY
2007 2006 2005 2004 2003
N‘000 N‘000 N‘000 N‘000 N‘000
ASSETS EMPLOYED
Total assets 10,771,364 5,164,930 2,911,012 1,293,027 1,034,707
Creditors:
Due within one year (1,548,171) (1,081,738) (451,057) (344,866) (336,326)
Due after one year (225,226) (47,503) (482,247) (428,387) (284,180)
------------ ------------ ----------- ----------- -----------
Net assets 8,997,967 4,035,689 1,977,708 519,774 414,201
====== ====== ====== ====== ======
FUNDED BY:
Share capital 4,000,000 950,000 500,000 293,483 293,483
Share premium 214,612 - 103,483 - -
Deposit for shares - 2,160,000 900,000 60,000 60,000
Profit and loss account 1,583,871 651,807 352,567 97,811 19,343
Contingency reserve 520,429 273,882 121,658 68,480 41,375
Capital reserve 24,538 - - - -
Convertible Bond 2,654,517 - - - -
----------- ---------- ---------- ---------- ----------
Shareholders’ funds 8,997,967 4,035,689 1,977,708 519,774 414,201
====== ====== ====== ====== ======
PREMIUM PROFIT AND
APPROPRIATIONS:
Premium income
(Less reinsurance) 1,538,872 1,511,650 851,607 784,358 550,428
Profit before tax 1,218,298 742,304 239.603 196,311 75,245
Taxation (180,616) (40,084) (30,578) (64,363) (16,311)
Profit after tax 1,037,682 702,220 209,025 131,948 58,934
Proposed dividend - - - 35,218 29,348
====== ====== ====== ====== ======
Earnings per share (actual) 13k 37k 21k 22k 10k
Earnings per share
(adjusted) 13k 9k 11k 7k 3k
Dividend per share (actual) - 10k - 6k 5k
Dividend per share
(adjusted) - 2.4k - 2k 2k
Net asset per share (actual) 112k 212k 198k 95k 59k
Net asset per share
(adjusted) 112k 50k 104k 27k 22k
NOTE:
Earnings and net asset per
share were computed on the 8,000,000,000 ordinary shares in issue as at
31st December, 2007.
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