Mutual Benefits Assurance Plc (NGX:MBENEFIT)

Mutual Benefits Assurance Income Statement

Financials in millions NGN. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Premiums & Annuity Revenue	83,430	66,916	39,922	31,005	22,455	16,079
Total Interest & Dividend Income	13,754	10,878	8,345	5,417	3,237	3,048
Gain (Loss) on Sale of Investments	1,629	1,166	-984.08	-503.12	-5,610	3,363
Other Revenue	219.23	163.61	130.59	94.88	903.77	768.25
Total Revenue	99,032	79,124	47,413	36,014	20,986	23,258
Revenue Growth (YoY)	57.53%	66.88%	31.65%	71.61%	-9.77%	12.80%
Policy Benefits	72,058	65,846	34,999	27,269	11,703	8,193
Policy Acquisition & Underwriting Costs	-	-	-	-	7,064	4,932
Selling, General & Administrative	517.69	916.41	493.22	76.68	4,140	3,959
Provision for Bad Debts	-	-	-	-	24.38	43.89
Other Operating Expenses	2,340	1,863	2,380	2,317	-159.71	5.88
Total Operating Expenses	76,763	69,901	38,479	30,298	24,367	19,498
Operating Income	22,269	9,223	8,935	5,716	-3,381	3,760
Interest Expense	-1,184	-2,466	-5,254	-4,485	-1,570	-22.82
Currency Exchange Gain (Loss)	-231.55	5,256	2,565	380.55	-594.94	212.24
Other Non Operating Income (Expenses)	409.2	-0.31	-0.29	-0.29	-200.98	-421.51
EBT Excluding Unusual Items	21,263	12,013	6,246	1,611	-5,746	3,528
Gain (Loss) on Sale of Assets	20.76	25.76	35.47	3.19	145.32	8.15
Asset Writedown	-	-	-	-	10.77	-70
Other Unusual Items	-	-	-	-	-	1,576
Pretax Income	21,287	12,042	6,282	1,614	-5,590	5,042
Income Tax Expense	276.63	724.32	393.09	680.12	-165.36	-67.18
Earnings From Continuing Ops.	21,010	11,318	5,889	934.32	-5,425	5,109
Net Income to Company	21,010	11,318	5,889	934.32	-5,425	5,109
Minority Interest in Earnings	-989.1	-566.62	-41.15	20.3	-150.66	22.61
Net Income	20,021	10,751	5,847	954.62	-5,575	5,132
Net Income to Common	20,021	10,751	5,847	954.62	-5,575	5,132
Net Income Growth	193.14%	83.86%	512.54%	-	-	40.88%
Shares Outstanding (Basic)	20,216	20,061	20,061	20,061	15,531	11,172
Shares Outstanding (Diluted)	20,216	20,061	20,061	20,061	15,531	11,172
Shares Change (YoY)	1.81%	-	-	29.17%	39.02%	10.58%
EPS (Basic)	0.99	0.54	0.29	0.05	-0.36	0.46
EPS (Diluted)	0.99	0.54	0.29	0.05	-0.36	0.46
EPS Growth	187.93%	83.86%	512.55%	-	-	27.59%
Free Cash Flow	3,830	8,584	7,211	3,992	1,571	2,118
Free Cash Flow Per Share	0.19	0.43	0.36	0.20	0.10	0.19
Dividend Per Share	0.020	0.020	-	-	-	-
Operating Margin	22.49%	11.66%	18.84%	15.87%	-16.11%	16.17%
Profit Margin	20.22%	13.59%	12.33%	2.65%	-26.57%	22.07%
Free Cash Flow Margin	3.87%	10.85%	15.21%	11.09%	7.48%	9.11%
EBITDA	22,823	9,785	9,238	6,066	-3,057	4,119
EBITDA Margin	23.05%	12.37%	19.48%	16.84%	-14.57%	17.71%
D&A For EBITDA	554.04	561.12	303.28	350.87	323.87	358.97
EBIT	22,269	9,223	8,935	5,716	-3,381	3,760
EBIT Margin	22.49%	11.66%	18.84%	15.87%	-16.11%	16.17%
Effective Tax Rate	1.30%	6.02%	6.26%	42.13%	-	-

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.