Nigeria- Underwriter ranked among Africa’s fastest growing companies

  • 28 June 2022 / News / 407 / Fares RAHAHLIA

Nigeria- Underwriter ranked among Africa’s fastest growing companies

Underwriting firm, Mutual Benefits Assurance Plc, has been listed among Africa’s fastest-growing organisations in a ranking conducted by Financial Times.

The rating assessed compound yearly growth in revenue generation between 2017 and 2020. This was announced after the completion of the ranking exercise where the insurer emerged 61st in Africa and 19th in Nigeria.

According to FT, at the inaugural FT yearly ranking of Africa’s Fastest-Growing Companies, 75 companies across sectors made the list out of which 20 are Nigerian organisations including Mutual Benefits and others.

The underwriter revenue (net) for 2017 and 2020 was submitted and the company qualified after meeting the criteria for inclusion with its compound yearly growth rate (CAGR) at 13.314 per cent and absolute growth rate of 45.498 per cent, above the minimum CAGR of 8.58 per cent required for participation.

“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,” FT said.

The Managing Director/Chief Executive Officer, Mutual Benefits Assurance, Femi Asenuga, 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.”

source: The guardian

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