Nigeria, May 22 -- Mutual Benefits Assurance reported on Friday a 45 per cent increase in net profit for the 2025 financial year, receiving a major boost from its insurance business.

Shares in the insurer had gone up by 9.5 per cent on Lagos' Customs Street as of 10:32 West Africa Time, following the news.

Insurance service result leapt 718.9 per cent to N8.8 billion, according to its audited financials, easing the blow that a slide in net investment income would have had dealt on earnings.

The net investment income of the underwriter dropped by 11.1 per cent in the period under review after incurring N659.7 million in foreign exchange loss in contrast to a gain of N5.3 billion posted a year earlier.

Insurance revenue climbed by 19.6 ...