FBN General Insurance Ltd, at its 4th Annual General Meeting (AGM)which held recently, presented its 2019 audited Annual Report and Financial Statement to its Board of Directors.

 

While presenting the Annual Report and Financial Statement during the virtual Meeting, the Managing Director/Chief Executive Officer of the company, Mr. Bode Opadokun, disclosed that the company witnessed an impressive growth along key metrics and across major lines during the financial year.

 

According to Mr. Opadokun, ‘’ We grew our Gross Premium Written (GPW) by 58% from N4.63 billion in 2018 to N7.31 billion in 2019. We also recorded a 19% increase in Profit Before Tax (PBT) of N733 million compared to N615 billion recorded in 2018.’’

 

Further analysis showed that the company achieved 17% growth in its total assets in 2019, translating to N11 billion as against N9.4 billion recorded in 2018. The company also ensured prompt claims payment to its customers during the year to the tune of N2.3 billion.

 

Commenting on the results and future outlook of the company, the Chairman of the company, Mr. Gbenga Shobo remarked, “We are pleased with our 2019 financial year end results. We will continue to ensure the growth trajectory is sustained in 2020 financial year. While we anticipate some improvements along key macroeconomic fundamentals, we shall deploy strategies aimed at optimizing the inherent opportunities within the economy. We are quite optimistic that year 2020 will be the best so far for our shareholders and esteemed customers in the history of FBN General Insurance Ltd”.

 

Speaking further, Mr. Shobo stated that with the advent of the dreaded pandemic ravaging the globe, the company will continue to break new grounds, adapt to changes and relentlessly remain innovative in delivering value to its shareholders and customers.

 

FBN General Insurance Limited, a subsidiary of FBNInsurance Limited, wholly owned by the Sanlam Group, South Africa, was incorporated in 2014 to transact general insurance business in Nigeria with branches across the country.

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June 22nd, 2020

FBN General Insurance pays claim to Akesan fire victims

FBN General Insurance, a subsidiary of FBNInsurance Limited, has once again proven its unwavering commitment to its clients. The company in January this year paid claims to two of its clients who were fire victims of the Akesan Market, Ibadan, Oyo State.

The company paid a claim of N2,131,559.60 (Two Million, One Hundred and Thirty-One Thousand, Five Hundred and Fifty-Nine Naira, Sixty Kobo) and N2,231,550 (Two Million, Two Hundred and Thirty-One Thousand, Five Hundred and Fifty Naira) to the fire victims, Mrs. Kehinde Sherifat and Mrs. Alegbeleye Adepeju respectively.

While presenting the cheques to the victims, the Group Head, Business Development, FBN General Insurance, Mrs. Shola Osho, assured the clients of the company’s continued commitment to its policyholders. In her statement, she said, “Ours is a business of trust and at FBN General Insurance, our word is our bond. We are a responsive and reliable company and we will not let our customers down when they need us.”

While receiving the cheque, one of the elated claimants, Mrs. Kehinde expressed gratitude to the company and commended the efforts of the Management of FBN General Insurance for coming through in her trying times. “When I thought all was gone, FBN General Insurance restored hope to me. They promised to stand by me when the uncertainty happens and they fulfilled their promises. I am grateful to the Management of FBN General Insurance for coming to my aid.” She said.

Commenting on the company’s gesture, the other claimant, Mrs. Alegbeleye, said “FBN General Insurance is an insurer par excellence. I do not have any regret partnering this great company. They have proven to us beyond reasonable doubt that indeed their clients really matter. I will continue to insure my business as well as property with FBN General Insurance and also encourage other business owners like me to do same since one can live a worry-free life for choosing FBN General Insurance. “

The Executive Director, Operations, FBN General Insurance, Mr. Tunde Mimiko, also said that the company has put in place a seamless claim payment process to the satisfaction of all its clients across the nation.

FBN General Insurance pays claims to Akesan market fire victims
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June 8th, 2020

FBN General Insurance pays claim to Akesan fire victims

FBN General Insurance, a subsidiary of FBNInsurance Limited, has once again proven its unwavering commitment to its clients. The company in January this year paid claims to two of its clients who were fire victims of the Akesan Market, Ibadan, Oyo State.

The company paid a claim of N2,131,559.60 (Two Million, One Hundred and Thirty-One Thousand, Five Hundred and Fifty-Nine Naira, Sixty Kobo) and N2,231,550 (Two Million, Two Hundred and Thirty-One Thousand, Five Hundred and Fifty Naira) to the fire victims, Mrs. Kehinde Sherifat and Mrs. Alegbeleye Adepeju respectively.

While presenting the cheques to the victims, the Group Head, Business Development, FBN General Insurance, Mrs. Shola Osho, assured the clients of the company’s continued commitment to its policyholders. In her statement, she said, “Ours is a business of trust and at FBN General Insurance, our word is our bond. We are a responsive and reliable company and we will not let our customers down when they need us.”

While receiving the cheque, one of the elated claimants, Mrs. Kehinde expressed gratitude to the company and commended the efforts of the Management of FBN General Insurance for coming through in her trying times. “When I thought all was gone, FBN General Insurance restored hope to me. They promised to stand by me when the uncertainty happens and they fulfilled their promises. I am grateful to the Management of FBN General Insurance for coming to my aid.” She said.

Commenting on the company’s gesture, the other claimant, Mrs. Alegbeleye, said “FBN General Insurance is an insurer par excellence. I do not have any regret partnering this great company. They have proven to us beyond reasonable doubt that indeed their clients really matter. I will continue to insure my business as well as property with FBN General Insurance and also encourage other business owners like me to do same since one can live a worry-free life for choosing FBN General Insurance. “

The Executive Director, Operations, FBN General Insurance, Mr. Tunde Mimiko, also said that the company has put in place a seamless claim payment process to the satisfaction of all its clients across the nation.

FBN General Insurance pays claims to Akesan market fire victims
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May 18th, 2020

FBN General Insurance gives one-month discount to Comprehensive Motor Insurance customers

FBN General Insurance, a subsidiary of FBN Insurance Limited, has announced a one-time one-month discount to all her Comprehensive Motor Insurance policy holders.
This discount was introduced to alleviate the pressures faced by clients with the imposed lockdown by the Federal Government due to the coronavirus pandemic.
Commenting on the company’s gesture, the Managing Director/Chief Executive Officer, Mr. Bode Opadokun, said that the initiative was aimed at providing financial relief to customers at renewal. He further stressed that the initiative is a one-month discount applicable to all one-year full Comprehensive Motor Insurance policies due for renewal between May 1, 2020 and April 30, 2021.
“Due to the lockdown, driving habits changed as many people stayed at home. As a result of this, risk exposure on motor vehicles were significantly reduced as frequency of usage was near zero. We are an organisation keen to satisfying and appreciating our clients. We have therefore introduced this discount to commend the efforts of our esteemed customers for adhering strictly to the lockdown guidelines as well as supporting the move of the Federal Government and health authorities to curb the spread of the dreaded virus. This offer is a one-off one-month discount for all our existing Comprehensive Motor Insurance clients only.” Opadokun said.
Prior to this initiative, the company, in collaboration with her parent company, FBN Insurance Limited, made a donation of a fully equipped ambulance to the Lagos State Government as well as food items to the needy in communities within Lagos, to cushion the effect of the pandemic and lockdown.
The company admonished all her customers and Nigerians to continue to adhere strictly to all precautionary measures specified by the Federal Government and health authorities following the easing of the lockdown.  The company also promised to continue to support the Government’s efforts to contain the spread of the virus.
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May 12th, 2020

FBN General Insurance was awarded the Most Innovative Insurance Company by the Information Technology Association of Nigeria (ITAN) in December 2019. The award was premised on the local content drive of FBN General Insurance in the course of the year and more so, as the Company increasingly leverage technology across all of its relevant process points.

ITAN is an association of over 350 Information Technology-driven companies in Nigeria. It was founded in 1991 with the aim of promoting IT literacy and penetration in Nigeria; and to promote members’ interest in the area of trade, public policy formulation and negotiations with the government on IT policy matters.

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March 16th, 2020

FBN General Insurance Limited, a subsidiary of FBNInsurance Limited, paid the sum of N902 million as claims in 2018 as against N861 million paid in 2017.

The Chairman of the company, Gbenga Shobo, who gave this figure at the company’s Annual General Meeting (AGM) held in Lagos recently, disclosed that the company’s cardinal focus among others is to pay claims promptly.

The company’s Gross Premium Written (GPW) for the year rose to N4.63 million, achieving a year-on-year (YoY) growth of 32% from the corresponding performance of N3.51 billion achieved in 2017. He said the company’s Profit Before Tax (PBT) also increased by 91% to N615.6m from N322.8m posted in the preceding year.

During the period under review, the company grew its total assets by 31% from N7.24 billion in 2017 to N9.45 billion in 2018, realizing a significant improvement in capital efficiency just as it nurtures robust liquidity and solvency margin above the required benchmark.

Also speaking at the AGM on the future outlook of the company, the Managing Director/Chief Executive Officer, Bode Opadokun said, “while we anticipate an improved operating economy, one of our strategic initiative for the year 2019 includes the implementation of our value-added service, ClaimsAlert Service designed to provide a responsive service to all our esteemed Comprehensive Auto Insurance policyholders who have been involved in an accident within the Lagos Metropolis where the service is currently active.”

The areas, according to him include Eti-Osa, Lagos Island, Lagos Mainland, Surulere, Kosofe, Shomolu and Ikeja.

The company was recently certified a Great Place To Work in Africa for 2019 at the Great Place to Work Awards recently held in Lagos.

FBN General Insurance was acquired in 2014 by FBNInsurance Limited, an FBNHoldings Company associated with the Sanlam Group (SA) and was incorporated to transact general insurance business in Nigeria and the company is boost of strong workforce and robust brand network.

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July 18th, 2019
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July 9th, 2019
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April 18th, 2019

FBN General Insurance Limited has revealed plans to take the nation’s insurance sector to a greater height with the unveiling of  retail products to harness untapped opportunities in the industry.

The Managing Director and Chief Executive Officer of the company, Bode Opadokun, at a press briefing, in Lagos, said the new products include Auto Flexi Insurance, Flexi Home Insurance and Flexi Guard Insurance.

Opadokun explained that Auto Flexi is designed to meet customers’ specific needs, stressing that it came out of customers requests.

“We have seen several instances where some of our customers both existing even prospective having issue of pricing. Pricing in terms of affordability and ability to pay the premium that is applicable based on the value of some of the vehicles,” he said.

He noted that the products was designed to cover the insured against specific, pre-agreed losses; legal liability to pay compensation to a third party in the event of an accident that cause property damage or bodily injury to the third party.

Opadokun posited that the policy also covers the insured in the event of damages due to an accident and fire damage up to the agreed value insured.

The policy, according to him is divided into three variants of Flexi Gold, Flexi Silver and Flexi Bronze with agreed insured value up to N1 million for a premium of N40,000; N500,000, for a premium of N25,000 and N100,000 for a premium of N15,000 respectively and also covers third party property damage up to N2 million in all the three variants.

Speaking also on Flexi Home policy, he said the product is a home content insurance policy, designed to ensure adequate cover for customers’ treasured home including the contents and compensates the insured in the event of loss or damage to property belonging to the insured as a result of fire and/or allied perils.

The products is available in four variants, namely: Flexi Home Bronze, Flexi Home Silver, Flexi Home Gold and Flexi Home Platinum for agreed insured value of N1 million, N2 million, N3 million and N5 million for an annual premium of N7,500, N15,000, N20,000 and N30,000 respectively.

On Flexi Guard, he said: “Flexi Guard is a protection policy that pays compensation to the insured in the event of injuries, disability or death caused solely by external and visible event.”.

The policy is available in three variants of Flexi Guard Silver, Flexi Guard Gold and Flexi Guard Platinum.

The policy covers among other things bodily injury, death or permanent disability to the tune of N500,000 for a premium of N1,500, N1 million for a premium of N3,000 and N2 million for a premium of N5,000.

According to him, the product provides cover for other eventualities such as any form of accidents; strike, riot and civil commotion; Dog bite, wild animal attack as well as motorcycling either as a rider or as a passenger.

On how to drive sales of the products, he said the firm has a clear strategy mapped out to take the products to the public. According to him, the firm will leverage the strong platform of FBNInsurance Limited; engage on advertorials; social media; in house agents – independent financial advisers internal staff; tele sales and more channels.

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October 11th, 2018

Bode Opadokun, Managing Director, FBN General Insurance, on Thursday said its shareholders’ fund grew to N4.45 billion following the company’s impressive business performance in 2017.
Opadokun told the News Agency of Nigeria in Lagos that the fund grew to N4.45 billion from N4.1 billion in 2016.
He noted that the growth validated the shareholders’ confidence in company’s deliverables.
He said: “The increment to N4.45 billion in 2017 from N4.1 billion in 2016 is a confirmation of shareholders’ unwavering support and trust in the general insurer’s business potential of the company.’’

Opadokun said gross claims of N861 million was paid in the financial year compared to N627 million paid in 2016, representing a 27 per cent increase over 2016 figures.
He said that its underwriter will continue to prioritise claims payments and shareholders’ welfare to sustain its integrity.

The managing director explained that the increase in claims expenses was due to the high loss trends the market witnessed during the year under review.
He, however, said that the company made a significant reinsurance recoveries on all the claims incurred from each class of business.

Opadokun said the company’s Gross Written Premium increased to N3.52 billion in 2017 from N2.19 billion in 2016.
He added that the preferential treatment given by Nigerians was also revealed in an impressive Profit Before Tax as it grew to N323 million in 2017 from N195 million in 2016, a 66 per cent growth.
He said that total assets recorded an appreciable growth of 27 per cent in the financial year to N7.24 billion from N6.06 billion in 2016.

He said: “A financial analysis of the results shows that the company closed the 2017 financial year with a robust liquidity position and solvency margin above the required benchmark.’’
On the underwriter’s strategies, the company in the next three years aims at delivering exceptional value to customers by utilising technology as a critical business enabler across its key functions.

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October 11th, 2018
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