FBNInsurance premium income up by 44%

FBNInsurance Limited recorded modest operating results in 2015. The company’s year on year gross premium income grew by 44 per cent to N12.1billion at the end of the year under review while the profit before tax increased by 62 per cent from N1.3 billion to N2.1 billion. Also, total assets closed at N22.4 billion, an increase of 34% per cent from December 2014 value of N16.7 billion. This improvement in performance was driven by strong top line and bottom line growth in the life assurance business benefiting from improvements in retail space penetration.

The report highlighted the performances of FBNInsurance Limited and its subsidiary, FBN General Insurance Limited as a group presented at the yearly report to shareholders at the company’s fifth yearly general meeting (AGM) held in Lagos .

Commenting on the strong financial returns, Val Ojumah, MD/CEO, FBNInsurance Limited, attributed the growth to the company’s commitment to her strategy to continually deepen its footprint in the retail space as well as strengthening her corporate business capabilities. “The increased Group profit before tax was made possible through efficient delivery channels, improved customer service and prompt claims settlement. This achievement further lends credence to our sound corporate governance, robust underwriting practices and risk management framework. We have also been blessed with an exceptionally committed staff,” Ojumah concluded.

In her remarks, the chairman of the Board of Directors, FBNInsurance Limited, Mrs Adenrele Kehinde, while acknowledging the giant strides of the company, reiterated the need to sustain the growth trajectory. “We are keen to attain uncontested leadership status in the life insurance sub-sector while we aggressively ramp up the growth of our general insurance business. Our role in this industry is not to follow competition, but to exceed our own expectations.

To break our own records; to ensure that our positive impact on our customers and shareholders is greater this year than the last,” she stated. The chairman also announced a dividend of 19k per share, a 27 per cent increase from the 15k per share that was declared at the last AGM.

FBNInsurance Limited, an FBNHoldings company associated with the Sanlam Group SA, was incorporated in 2010 to transact life insurance business in Nigeria. In 2014, it completed the acquisition of the then Oasis Insurance, now rechristened FBN General Insurance Limited.