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	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Premiums & Annuity Revenue	79,618	66,916	39,922	31,005	22,455	16,079
Total Interest & Dividend Income	13,918	10,878	8,345	5,417	3,237	3,048
Gain (Loss) on Sale of Investments	1,253	1,166	-984.08	-503.12	-5,610	3,363
Other Revenue	185.75	163.61	130.59	94.88	903.77	768.25
Total Revenue	94,975	79,124	47,413	36,014	20,986	23,258
Revenue Growth (YoY)	67.04%	66.88%	31.65%	71.61%	-9.77%	12.80%
Policy Benefits	69,928	65,846	34,999	27,269	11,703	8,193
Policy Acquisition & Underwriting Costs	-	-	-	-	7,064	4,932
Selling, General & Administrative	1,054	916.41	493.22	76.68	4,140	3,959
Provision for Bad Debts	-	-	-	-	24.38	43.89
Other Operating Expenses	1,836	1,863	2,380	2,317	-159.71	5.88
Total Operating Expenses	74,371	69,901	38,479	30,298	24,367	19,498
Operating Income	20,604	9,223	8,935	5,716	-3,381	3,760
Interest Expense	-2,390	-2,466	-5,254	-4,485	-1,570	-22.82
Currency Exchange Gain (Loss)	2,920	5,256	2,565	380.55	-594.94	212.24
Other Non Operating Income (Expenses)	-1.16	-0.31	-0.29	-0.29	-200.98	-421.51
EBT Excluding Unusual Items	21,133	12,013	6,246	1,611	-5,746	3,528
Gain (Loss) on Sale of Assets	21.32	25.76	35.47	3.19	145.32	8.15
Asset Writedown	-	-	-	-	10.77	-70
Other Unusual Items	-	-	-	-	-	1,576
Pretax Income	21,159	12,042	6,282	1,614	-5,590	5,042
Income Tax Expense	693.32	724.32	393.09	680.12	-165.36	-67.18
Earnings From Continuing Ops.	20,466	11,318	5,889	934.32	-5,425	5,109
Net Income to Company	20,466	11,318	5,889	934.32	-5,425	5,109
Minority Interest in Earnings	-852.05	-566.62	-41.15	20.3	-150.66	22.61
Net Income	19,614	10,751	5,847	954.62	-5,575	5,132
Net Income to Common	19,614	10,751	5,847	954.62	-5,575	5,132
Net Income Growth	204.79%	83.86%	512.54%	-	-	40.88%
Shares Outstanding (Basic)	20,061	20,061	20,061	20,061	15,531	11,172
Shares Outstanding (Diluted)	20,061	20,061	20,061	20,061	15,531	11,172
Shares Change (YoY)	1.17%	-	-	29.17%	39.02%	10.58%
EPS (Basic)	0.98	0.54	0.29	0.05	-0.36	0.46
EPS (Diluted)	0.98	0.54	0.29	0.05	-0.36	0.46
EPS Growth	201.28%	83.86%	512.55%	-	-	27.59%
Free Cash Flow	3,402	8,584	7,211	3,992	1,571	2,118
Free Cash Flow Per Share	0.17	0.43	0.36	0.20	0.10	0.19
Dividend Per Share	0.020	0.020	-	-	-	-
Operating Margin	21.69%	11.66%	18.84%	15.87%	-16.11%	16.17%
Profit Margin	20.65%	13.59%	12.33%	2.65%	-26.57%	22.07%
Free Cash Flow Margin	3.58%	10.85%	15.21%	11.09%	7.48%	9.11%
EBITDA	21,186	9,785	9,238	6,066	-3,057	4,119
EBITDA Margin	22.31%	12.37%	19.48%	16.84%	-14.57%	17.71%
D&A For EBITDA	582.05	561.12	303.28	350.87	323.87	358.97
EBIT	20,604	9,223	8,935	5,716	-3,381	3,760
EBIT Margin	21.69%	11.66%	18.84%	15.87%	-16.11%	16.17%
Effective Tax Rate	3.28%	6.02%	6.26%	42.13%	-	-

Updated Mar 13, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.