FBNInsurance eyes 30 per cent growth in 2019, assures prompt payments
FBNInsurance Limited has projected a 30 per cent growth in its business in 2019, despite the uncertainty associated election year.
The Managing Director/Chief Executive Officer, Val Ojumah, in an interview with The Guardian over the weekend, said the company grew by over 40 percent in 2018 and is optimistic that this growth trajectory would be sustained this year.
Specifically, he reiterated the company’s commitment to a customer-centric culture, which ensures that FBNInsurance partners with its customers, individuals and businesses, in the mitigation of their risk and to also create value for its customers by providing excellent customer service.
He noted that the company has progressively delivered strong financial performance every year since it commenced operations in 2010.
“Based on unaudited 2018 financial reports, our revenue grew by over 40 percent relative to audited 2017 reports. This growth rate is well above the industry growth rate – estimated to be approximately 10 percent.
“As we launch into the 2019 financial year, we are confident that we would maintain this strong growth trajectory given our strategic focus on profitable market segments.
“Our track record over the years tells a consistent story of continuous business growth and expansion. For instance, our audited 2017 financial statements showed robust growth across various performance metrics such as profit before tax (PBT), which grew by 37 percent from N3.1 billion in 2016 to N4.3 billion in 2017, while gross premium written (GPW) grew from N9.9 billion in 2016 to N19.6 billion in 2017, representing a massive 98 percent growth.
“Given the market potential of the life insurance industry in Nigeria, we expect an equally productive 2019,” he said.
Ojumah believes there is no singular factor responsible for the company’s performance, rather he holds the view that the company’s success has been as a result of multiple factors and initiatives that have been coherently deployed.
“Our performance can be attributed to a combination of factors including our continued penetration of the retail insurance space, the strength of our brand, a deliberate cost optimisation culture, a disciplined risk management philosophy, consistent improvements in service delivery across various customer touchpoints, the use of emerging distribution channels, a commitment to prompt settlement of claims and a well-motivated staff,” he added.
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