FBN General Insurance records N8bn gross premium written in 2020

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Chuks Udo Okonta

FBN General Insurance Limited, said it recorded a Gross Premium Written (GPW) of N8.0 billion in 2020.

The company stated this while presenting the 2020 annual report to shareholders at its Annual General Meeting (AGM) which held recently 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 9% relative to N7.32 billion realised during the corresponding period of 2019. Likewise, Profit Before Tax (PBT) for the year stood at N2.17 billion, representing a year-on-year growth rate of 196% in comparison to N733.2 million reported during the corresponding period of 2019.

In the same vein, the company’s capital position improved significantly as the total equity grew by 51% year-on-year to N8.80 billion from N5.82 billion reported in the 2019 financial year. This can be attributed 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 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.

Speaking at the AGM on the report, the Managing Director/Chief Executive Officer, FBN General Insurance Limited, Bode Opadokun, reiterated that against the backdrop of challenges that characterised the year, the company delivered an outstanding performance across key metrics. He said: “Indeed, 2020 was a year that will be remembered for its unprecedented disruptions, which were primarily attributed to the COVID-19 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. “

Commenting on the outlook of the company, Bode Opadokun said that FBN General Insurance would sustain the deepening of its digital capabilities and utilise technology as a critical business enabler to ensure that the company’s service delivery continues to meet and exceed customer expectations.

FBN General Insurance, a subsidiary of FBNInsurance Limited is a member of the Sanlam Group (SA). The company was incorporated to transact general insurance business in Nigeria and currently operates throughout Nigeria.