Mutual Benefits Assurance Balance Sheet

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

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Investments in Debt Securities	-	-	-	3,057	3,143
Investments in Equity & Preferred Securities	1,113	878.03	488.71	513.05	556.61
Other Investments	85,291	49,243	40,111	36,333	33,275
Total Investments	90,939	55,979	45,154	45,249	43,141
Cash & Equivalents	39,376	49,165	33,601	18,751	14,164
Reinsurance Recoverable	11,821	11,899	4,865	4,827	3,682
Other Receivables	10,416	18,721	18,404	16,260	15,519
Deferred Policy Acquisition Cost	-	-	-	-	950.02
Property, Plant & Equipment	19,114	6,648	4,700	3,438	3,483
Other Intangible Assets	854.19	896.97	690.02	383.3	333.98
Restricted Cash	-	500	500	500	500
Other Current Assets	-	1,398	895.89	414.23	1,428
Long-Term Deferred Tax Assets	647.85	723.77	694	576.27	578.48
Other Long-Term Assets	1,153	1,204	954.97	-	-
Total Assets	174,321	147,134	110,459	90,399	83,780
Accounts Payable	2,783	1,330	1,148	736.03	830.95
Accrued Expenses	1,177	1,823	1,930	1,692	1,527
Insurance & Annuity Liabilities	39,592	21,600	16,957	27,252	24.65
Unpaid Claims	12,459	25,411	15,809	-	14,736
Unearned Premiums	831.18	2,589	1,705	1,363	9,936
Reinsurance Payable	5,520	2,148	1,606	1,219	791.8
Current Portion of Long-Term Debt	-	-	-	-	1,937
Current Income Taxes Payable	2,337	781.52	865.92	769.87	485.12
Long-Term Debt	400.87	400.87	400.87	400.87	400.87
Long-Term Deferred Tax Liabilities	659.3	652.91	3,663	1,443	1,365
Other Current Liabilities	18,838	16,854	16,208	18,269	14,613
Other Long-Term Liabilities	20,129	18,723	20,109	18,059	17,144
Total Liabilities	105,140	92,348	80,458	71,456	63,904
Common Stock	10,031	10,031	10,031	10,031	10,031
Additional Paid-In Capital	276.49	276.49	276.49	276.49	276.49
Retained Earnings	41,257	23,036	10,149	4,479	5,590
Treasury Stock	-0.25	-0.25	-0.25	-0.25	-0.25
Comprehensive Income & Other	14,073	16,928	7,122	3,411	2,511
Total Common Equity	65,638	50,271	27,579	18,197	18,409
Minority Interest	3,544	4,514	2,422	745.86	1,467
Shareholders' Equity	69,182	54,786	30,001	18,943	19,876
Total Liabilities & Equity	174,321	147,134	110,459	90,399	83,780
Filing Date Shares Outstanding	20,061	20,061	20,061	20,061	20,061
Total Common Shares Outstanding	20,061	20,061	20,061	20,061	20,061
Total Debt	400.87	400.87	400.87	400.87	2,338
Net Cash (Debt)	38,975	48,764	33,201	18,350	11,826
Net Cash Growth	-20.07%	46.88%	80.93%	55.16%	57.05%
Net Cash Per Share	1.94	2.43	1.65	0.91	0.76
Book Value Per Share	3.27	2.51	1.37	0.91	0.92
Tangible Book Value	64,784	49,374	26,889	17,814	18,075
Tangible Book Value Per Share	3.23	2.46	1.34	0.89	0.90
Land	1,375	1,375	1,375	1,375	414.54
Buildings	6,249	6,110	4,132	2,865	2,813
Machinery	6,931	6,483	4,949	3,946	3,734
Leasehold Improvements	793.17	754.27	740.87	729.87	1,799

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.