Insurance

FBNInsurance delivers outstanding performance, grosses N37.63bn GPW in 2019

Ojumah

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Chuks Udo Okonta

FBNInsurance Limited has presented its 2019 audited annual report to its Board at the company’s e-Annual General Meeting (e-AGM) held in Lagos recently recording sustained growth and sterling performance in all business segments.

Speaking at the AGM, the Managing Director/Chief Executive Officer, FBNInsurance Limited, Val Ojumah, stated that the company closed the year with positive results and also made prompt claims payment to customers.

Reviewing the year’s performance, Val Ojumah said “Our Gross Premium Written (GPW) rose to N37.63 billion, an increment of 45 per cent compared to the N25.98 billion achieved in 2018; while Profit Before Tax (PBT) appreciated by 28% from N6.13 billion in 2018 to N7.82 billion in 2019.” This performance, he attributed to the company’s sustained growth and continuous penetration into the retail segment of the industry.

“In the same vein, as a responsive and reliable insurer that keeps its promises, we promptly paid claims to our clients to the tune of N9.90bn which is a 130% increase from N4.31bn paid in 2018. One of our primary objectives is to help people, businesses and communities get back on their feet when the unexpected happens. Therefore, it has been – and continues to be – our commitment to transact business in a sustainable manner that ensures that we are there for our customers today and long into the future. It is this disposition that is once again responsible for our accomplishments in 2019 which represents our best year so far in the history of FBNInsurance,” he added.

The Chairperson of the Board of Directors of the company, Mrs. Adenrele Kehinde, while commenting on the company’s financial returns, ascribed the performance to the sporadic growth and sterling performance of the company in 2019 which was made possible through mining the “hidden treasures” in the Retail life insurance market which holds enormous and growing opportunities for the company.

Also, in demonstration of its commitment to its shareholders, the insurer announced a dividend of 97k per share, representing a 49% increase from 65k that was declared in 2018. FBNInsurance has consistently paid dividends to its shareholders since 2013.

Recall that FBNInsurance recently won the 2019 Best Life Insurance Company in Nigeria Award at the World Finance Award held in London.

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