N3.1

Mutual Benefits Assurance returned to profitability in the 2022 fiscal year after reporting a loss twelve months earlier, its audited financial report showed on Wednesday. The much-improved result owed its debt to higher gross premiums written and a sharp reduction in fair value losses on quoted bonds, which dropped from N5.6 billion to N94.8 million. A surge in fair value losses on quoted bonds was the single biggest factor that plunged the underwriter into loss in 2021. Gross premium written jumped 14.3 per…