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Insurer records N47 billion premiums


FBN Insurance, Val Ojumah

A fully owned subsidiary of Sanlam Emerging Markets Limited, FBN Insurance Limited, has said it declared Gross Premium Written of N47.1 billion and settled N14.4 billion as claims to policyholders in 2020.

The Managing Director/Chief Executive Officer, FBNInsurance Limited, Val Ojumah, at the company’s yearly general meeting, revealed that despite the challenging operating environment in the country, the firm closed the year with positive results and made prompt claims payment to policyholders.

An analysis of the company’s report showed that the group recorded an improvement in net premium income of eight per cent year-on-year growth from ₦39.2 billion to ₦42.5 billion in 2020 while total assets increased by 47 per cent (from ₦116 billion to close at ₦17 billion) as of December 31, 2020.

According to the company, the growth was driven by the investment strategy supported by the increase in premium written particularly from retail life and annuity.


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