…up from ‘A‘ in 2015
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Chuks Udo Okonta
One of Nigeria’s fastest growing Insurance companies, FBNInsurance Limited, has once again demonstrated its rising profile in the insurance industry by bagging the prestigious ‘A+’ credit rating from the foremost research and credit ratings company, Agusto & Co. This is a marked improvement on the ‘A’ rating the company got in 2015.
In the final rating report sent to the company, the top credit ratings company, Agusto & Co., stated, “the rating of FBNInsurance Limited reflects strong profitability and capitalization levels, satisfactory investment management and moderate exposure to underwriting risks. The rating also recognizes the Company’s ownership structure comprising FBN Holdings Plc and Sanlam Emerging Markets (South Africa) which offer explicit support to the underwriter.”
The A+ rating cements FBNInsurance’s growing reputation as a company with good financial condition and strong capacity to meet claim obligations. These attributes further enhance the company’s commitment to customer satisfaction through prompt claims payment, consistent and satisfactory service delivery as well as a natural tendency to keep reinventing itself especially in light of the current economic challenges facing the country.
“As a young company doing great things in this market, the ‘A+’ rating from Agusto &Co. means a lot to us. It is a clear indication of how well we are doing and a respected endorsement of our corporate strategies which have brought us thus far. However, we know we still have quite a distance to cover. We are all out to establish clear leadership in the life insurance business in Nigeria in no time,” Val Ojumah, Managing Director/Chief Executive Officer, FBNInsurance Limited, stated in his response.
In its sixth year of incorporation, FBNInsurance Limited has consistently demonstrated stand-out growth in its underwriting business. With a large retail network of over 1,885 retail sales agents operating from 28 sales outlets and 3 branch offices nationwide, the company is poised to exploit the vast uninsured public with a view to bringing affordable insurance to all.