FBN General Insurance hits N615.6m profit in 2018

Temitope Adebayo

FBN General Insurance Limited has released its financial report for the year ended 31 December 2018 as approved by the National Insurance Commission (NAICOM).

The firm recorded Gross Premium Written (GPW) for the year closed at N4.63 billion, achieving a Year-On-Year (YOY) growth of 32 per cent from the corresponding performance of N3.51 billion recorded in 2017.

Its Profit Before Tax (PBT) peaked at N615.6 million, with a marked YoY growth of 91 per cent from N322.8 million realised the same period in 2017.

Over the same period, the company grew its total assets YoY by 31 per cent from N7.24 billion in 2017 to N9.45 billion in 2018, achieving a significant improvement in capital efficiency as it nurtures robust liquidity and solvency margin above the required benchmark.

Commenting on the company’s performance, FBN General Insurance Managing Director, Bode Opadokun, attributed the performance to the underwriting firm’s commitment to putting its clients first and resilience in achieving remarkable milestones.

“The business gained momentum in 2018 as results across key performance metrics clearly validated FBN General Insurance’s commitment to the delivery of profitable growth and unwavering dedication to our clients, communities and stakeholders”, he stated.