The Nation (Nigeria)

FBN General Insurance records N2.17 billion profit


FBN General Insurance Limited has presented its 2020 annual report to shareholde­rs at the comance pany’s Annual General Meeting (AGM) which was recently held in Lagos.

An analysis of the company’s report showed that the company closed the year with a Gross Premium Written (GPW) of N8.0 billion, representi­ng a year-on-year growth rate of nine per cent relative to N7.32 billion realised during the correspond­ing period of 2019.

Also, the Profit Before Tax (PBT) for the year stood at N2.17 billion, representi­ng a year-on-year growth rate of 196 per cent in comparison to N733.2 million reported during the correspond­ing period of 2019.

The company’s capital position improved significan­tly as the total equity grew by 51 per cent year-on-year to N8.80 billion from N5.82 billion reported in the 2019 financial year.

The company attributed the growth to excellent business performanc­e in the Year 2020 and the injection of additional capital of N1.048 billion which invariably brings the paid-up capital of the company to N5 billion.

The insurer further disclosed that the rapid growth in total equity is a reflection of the deliberate steps the company is taking in readiness to meet NAICOM’S minimum capital requiremen­ts.

The Managing Director/chief Executive Officer, FBN General Insurance Limited, Bode Opadokun, spoke during the Annual General Meeting (AGM), reiteratin­g that the company delivered an outstandin­g performanc­e across key metrics against the backdrop of challenges that characteri­sed the year.

He said: “Indeed, 2020 was a year that will be remembered for its unpreceden­ted disruption­s, which were primarily attributed to the COVID19 pandemic and its multidimen­sional impacts on global economies. Yet, in the face of prevailing circumstan­ces the company delivered impressive results during the Year. We have by this result therefore demonstrat­ed our robust capacity and sustainabl­e execution of our strategic growth plans. It is, for this reason, that we look to the future with confidence.

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