FBNInsurance H1’20 claims payment reaches N4.4bn

CLAIMS PAY MENT TO POL ICYHOLDERS by FBN Insurance Limited in the first half of the current operating year stood at N4.4 billion, the insurer has disclosed.

The payment represents a 26.7 percent rise over the N3.4 billion paid to policyholders for the same period in 2019.

Val Ojumah, the chief executive officer of FBNInsurance, said the insurer was primed on prompt payment of claims, noting that part of its success story is linked to its established ethos of settling customers’ claims promptly.

Ojumah said FBNInsurance strives continuously to boost its customers’ confidence and trust in the company in the ten years that it has been operating in the country.

“As a responsive and reliable insurer, we have – during this turbulent time – kept our promise to our customers by paying claims promptly. Our focus remains to provide financial security and relief to our esteemed customers especially at this trying time,” he said.

The insurer also says it is upfront in working to meet the needs of its shareholders through payment of dividends, which it says was a promise it strives also to maintain.

For its 2019 financial year performance, it announced it was paying a dividend of 97kobo per share, representing 49 percent increase over the 65kobo paid to shareholders for the 2018 financial year.

Available records show that the insurer has consistently paid dividend since 2013. At the close of the books for 2019, total assets of the insurer stood at N109 billion, growing by 55 percent from N70.5 billion in 2018.

The report also shows that over 90 per cent of these assets are liquid assets. It has pushed to upgrade its digital platform through deliberate investment in order to continue to deliver seamless service to its customers. Incorporated in 2010, FBNInsurance Limited, operates as a life insurance business in Nigeria and currently operates in over 60 sales outlets and two branches in addition to its head office located in Lagos.