MBENEFIT

Mutual Benefits Assurance Plc (MBENEFIT) is a materially profitable Nigerian insurer generating a 22.5% ROE on a book value of ₦3.60/share, yet its shares trade at just 0.82x book and 3.64x trailing earnings — meaningful discounts to both our blended fair value of ₦3.79 and to the sector median P/B of 1.03x. With Q2-2026 PAT of ₦9.75bn on total assets of ₦204bn and a recent insider acquisition of 61 million shares at current market prices, the risk-reward skews favourably at this entry point. The primary valuation anchor is P/B versus ROE, which yields a justified P/B of 1.32x given a 22.5% ROE versus an 18% cost of equity assumption, supporting meaningful upside to intrinsic value.

Verdict published 2026-10-26 · fundamentals through Q2-2026 · reviewed as the data changes