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Chuks Udo Okonta
FBN General Insurance said it recorded a gross premium of N3.51 billion in 2017.
According to the firm, the account which has been approved by the National Insurance Commission (NAICOM) revealed a 60 per cent growth in premium, moving from N2.2 billion in 2016 to N3.51 billion, while claims expenses also rose by 180 per cent from N270 million to N756 million. Profit Before Tax (PBT) closed at N322 million, also representing a year-on-year growth rate of 66 per cent.
The firm noted that the profitable growth, was partly driven by improved asset and investment portfolio management resulting in an investment income growth of 112 per cent.
The Managing Director/Chief Executive Officer of the firm, Bode Opadokun, said: “2017 was the year we consolidated on the strategic restructuring across key business functions. This has inspired a profitable performance exemplified by our total assets recording an appreciable growth of 27% at year-end from NGN6.06bn achieved in 2016 to NGN7.72 billion in 2017. With our strategic marketing drive and the support of our dedicated staff, we are hopeful of sustaining our growth in 2018.”
FBN General Insurance is a wholly owned subsidiary of FBNInsurance Limited, an FBNHoldings company associated with the Sanlam Group South Africa.