FBNInsurance Grows Premium By 98%

FBNInsurance, has released its financial report for the year ended December 31, 2017 as approved by the National Insurance Commission (NAICOM).

The report showed that the company’s profit before tax (PBT) grew by 37 per cent from N3.11 billion in 2016 to N4.26 billion in 2017; while gross premium written (GPW) grew from N9.9 billion in 2016 to N19.6 billion in 2017, showing 98 per cent increase.

Commenting on this, Managing Director/Chief Executive Officer, FBNInsurance, Val Ojumah, attributed the strong performance to a combination of factors including continued penetration of the retail insurance space, strong cost optimisation culture, consistent and efficient service delivery across available touchpoint, exploitation of new service channels, disciplined risk management, and a wellmotivated-staff.

“Our overall performance once again reinforces our strongearning capacity and robust capital base which have put us in better stead to accommodate and sustain future growth. Our return on equity (RoE) rose to 34 per cent (up from 29 per cent, 2016) and achieved a post-tax Return on Assets (RoA) of six per cent,” he said.

FBNInsurance was last year recognised for the third time in four years- as the Best Life Insurer in Nigeria by World Finance, while Sanlam Emerging Markets (SEM) awarded her the prestigious Nations Cup for a glowing performance all round amongst SEM companies.