Mutual Benefits Ranked Among Fastest-Growing Companies

Financial Times has ranked Mutual Benefits Assurance Plc, one of the leading brands in the Nigerian insurance industry among Africa’s fastest-growing companies

Mutual Benefits emerged 61st in Africa and 19th in Nigeria, according to FT after the completion of the ranking exercise

Seventy-five companies across sectors made the list out of which 20 are Nigerian firms, including Mutual Benefits Assurance Plc.

The annual revenue for Mutual Benefits for 2017 and 2020 was submitted and the company qualified after meeting the criteria for inclusion with its compound annual growth rate of 13.31 per cent and absolute growth rate of 45.49 per cent, above the minimum CAGR of 8.58 per cent required for participation.

FT said, “The ranking was created through a complex procedure but does not claim to be complete because some companies do not want to make their figures public.”

Commenting on the rating, Femi Asenuga, the Managing Director/Chief Executive Officer, Mutual Benefits Assurance, said: “We are excited to be listed among Africa’s fastest-growing companies for 2022, which underscores that we are part of institutions that are creating wealth and boosting the economy not only in Nigeria but across Africa.”