FBNInsurance records N37.63bn premium for 2019

FBNInsurance Limited has recorded a 45 per cent increase in its Gross Premium Written (GPW) for 2019, rising to N37.63 billion compared to N25.98 billion achieved in 2018.

The company in a statement said the record is contained in the audited annual report presented to its Board during the firm’s virtual annual general meeting (AGM).

The company said it sustained growth and good performance in all its business segments, closing the year with positive results and also made prompt claims payment to its customers.

The Managing Director /Chief Executive Officer of the company, Mr Val Ojumah said that the company’s Profit Before Tax (PBT) appreciated by 28 per cent from N6.13 billion in 2018 to N7.82 billion in 2019.

“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 N9.90 billion, which is a 130 per cent increase from N4.31 billion paid in 2018.

Ojumah said that one of the primary objectives of the firm was to help people, businesses and communities get back on their feet when the unexpected happens.

He explained that FBNInsurance has continued to show its commitment to its customers by ensuring they transact business in a sustainable manner.

“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 said.

Commenting, Chairperson of the company’s board of directors, Mrs Aderenle Kehinde said that the rapid growth and sterling performance of the company, in 2019, was made possible “through mining the hidden treasures in retail life insurance market’’.

Kehinde said this business segment holds an enormous and growing opportunities for the company.

The insurance company also announced a dividend of 97 kobo per share, representing a 49 per cent increase from 65 kobo declared in 2018.

FBNInsurance said it had consistently paid dividends to its shareholders since 2013.