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Chuks Udo Okonta
FBN General Insurance Limited in its released financial report for the year ended 31 December 2018 as approved by the industry regulator, National Insurance Commission (NAICOM), said it recorded a Profit Before Tax (PBT) of N615.6 million
FBN General Insurance’s Gross Premium Written (GPW) for the year closed at N4.63 billion, achieving a year-on-year growth of 32 per cent as agaiñst N3.51 billion in 2017.
According to the firm the Profit Before Tax (PBT) of N615.6 million, signposted a YoY growth of 91 per cent from the N322.8 million realised as at the same period in 2017. Over the same period, it grew its total assets year-on-year by 31 per cent from N7.24 billion in 2017 to N9.45 billion in 2018, realising a significant improvement in capital efficiency as it nurtured robust liquidity and solvency margin above the required benchmark.
While commenting on the company’s performance, Bode Opadokun, Managing Director/Chief Executive Officer, FBN General Insurance, attributed the performance of the company to its commitment in putting clients first and resilience in achieving remarkable milestones. “The business gained momentum in 2018 as results across key performance metrics clearly validate FBN General Insurance commitment to the delivery of profitable growth and unwavering dedication to our clients, communities and stakeholders,” he said.
It will be recalled that FBN General Insurance last year won the Best Customer Service Award (Insurance Category), at the 2018 Nigeria Brand Award held in Lagos.
FBN General Insurance was acquired in 2014 by FBNInsurance Limited, an FBNHoldings Company associated with the Sanlam Group (SA) and was incorporated to transact general insurance b