Mutual Benefits Assurance Hits 52-Week High, Gains 60%
Financial services company Mutual Benefits Assurance Plc Market Value hit 52-week high on the Nigerian Exchange (NGX) in an all-week rally that lifted its share price higher by more than 60%.
The anticipated reforms in the insurance sector drove the index higher as investors took early positions after Nigeria signed a new act for recapitalisation.
Trading data obtained from the Nigerian bourse revealed that the assurance company’s share price inched higher by 60.4% week on week to settle at N2.98 on Friday from N1.82 at the beginning of the trading session.
Increased activity on the Assurance Company’s shares drove its market value upward. The traded volume that pushed Mutual Benefit share price to N2.92 on Friday was unusually high—as 137.835 million units valued at N402.463 million were traded in the local bourse.
At the end of the trading session, the Nigerian Exchange valued Mutual Benefits Assurance Plc’s 20.061 billion shares outstanding at N58.579 billion, up by 60.40% over the last five trading session.
Trading data from the Nigerian Exchange showed that Mutual Benefit share price closed at N1.10 at the end of first half of the year. Just 5 entities have a combined shareholding of 76.86% in the Assurance Company.
Charles Enterprises LLC singularly controls 42.7% of the shareholdings, followed by 21.98% interest held by Arubiewe Farms Limited. In the first half earnings release, Mutual Benefits Assurance Plc reported a 374% year on year increase in net income, settling at N11.593 billion from N2.445 billion in the comparable period.
In the first half of 2025, the group grew its earnings per share by 366.67% year on year to 56 kobo from 12 kobo in the comparable period in 2024.
