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.

July 18th, 2019
July 9th, 2019
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.

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.

October 11th, 2018

Thriving general business insurer, FBN General Insurance, has once again shown its commitment to delivering exceptional value to her customers.

According to figures obtained from the company’s recently published financial statements, the firm has demonstrated increased customer acceptance with a Gross Written Premium of N3.52bn (up from N2.19bn in 2016) and an impressive profit before tax of N323m representing a 66% year-on-year growth on the 2016 PBT of N195m. The company paid gross claims of N861m, a 27% increase on her 2016 figures. Its increased claims expense is attributed to the high loss trends the market witnessed during the year under review. The company however made significant reinsurance recoveries on all the claims incurred from each class of business.

While reiterating the firm’s commitment to claims payment, Bode Opadokun, Managing Director/Chief Executive Officer, FBN General Insurance, said: “We will not take our customers for granted. Ours is a business predicated on trust. For us, paying claims as due is one of our corporate strategies to building trust, improving stakeholder engagement and growing our customer base.”

A financial analysis of the results shows that the Company closed the year with a robust liquidity position and solvency margin above the required benchmark while total assets recorded an appreciable growth of 27% at year-end from NGN6.06bn achieved in 2016 to NGN7.24bn in 2017. Shareholders’ funds also grew from N4.1bn to N4.45bn, a confirmation of shareholders’ unwavering support and trust in the general insurer’s business potentials.

Industry watchers have applauded the Bode Opadokun-led management of FBN General Insurance for its glowing achievements since taking over the reins of the company. If various indicators are anything to go by, the firm is expected to continue on her upward trajectory. “Our strategy over the next 3-year planning horizon is aimed at delivering exceptional value to our customer by utilizing technology as a critical business enabler across key functions including product distribution, customer engagement and other operational processes,” the Managing Director said.

May 30th, 2018

FBN General Insurance has once again demonstrated its resilience and consistent growth in the insurance industry by posting a healthy financial statement for the year ended, 31 December, 2017 as approved by the National Insurance Commission, NAICOM.

The company grossed a premium of N3.51 billion up by an impressive year-on-year growth of 60% from N2.2 billion in 2016 while its claims expenses also rose by 180% from N270 million to N756 million. Profit before Tax (PBT) closed at N322million, also representing a year-on-year growth rate of 66%. This profitable growth, the statement said, was partly driven by improved asset and investment portfolio management resulting in an investment income growth of 112%.

In his comments, Bode Opadokun, MD/CEO, FBN General Insurance, said: “2017 was the year we consolidated on the strategic restructuring across key business functions. This has inspired a profitable performance exemplified by our total assets recording an appreciable growth of 27% at year-end from NGN6.06bn achieved in 2016 to NGN7.72bn in 2017. With our strategic marketing drive and the support of our dedicated staff, we are hopeful of sustaining our growth in 2018.”

FBN General Insurance is a wholly owned subsidiary of FBNInsurance Limited, an FBNHoldings company associated with the Sanlam Group SA.

May 30th, 2018

FBN General Insurance has urged automobile users in the country to shun patronage of quacks and purchase their motor insurance policies from genuine insurance operators.

To encourage the general public to patronise genuine insurance operators, the company has embarked on an experiential marketing campaign to sensitise motorists on the benefits of buying original, qualitative auto insurance policy from trusted insurance firms.

Speaking at the media parley to launch the campaign in Lagos recently, Head of General Business, FBN General Insurance, Mr. Olasupo Sogelola, noted that the lackadaisical attitude of the Nigeria’s road users towards auto insurance has been the bane of many automobile owners.

According to him, “many people do not buy auto insurance because they do’t think it is necessary. Some even call it ‘police-let-me-go’, an unfortunate confirmation of the wrong perception of the populace towards auto insurance policies.”

Sogelola said this has led many to buy fake -and literally worthless- auto insurance policies, but noted that auto insurance could be the only resort for anyone, who is involved in a motor accident.”

Speaking, Managing Director, FBNInsurance, owners of FBN General Insurance, Mr. Val Ojumah stated that anyone, who drives an automobile should buy original and qualitative auto insurance from FBN General Insurance.

According to him, people have had their damaged cars replaced or repaired by FBN with other 3rd party damages taken care of as well.
He said it is high time Nigerians looked beyond auto insurance as something done just because it is mandated by law.

Ojumah said all through the period of the campaign, various freebies would be given out by FBN General Insurance via a social media engagement.
He said members of the public are required to take a picture of the damaged car, which is displayed in front of the FBN General Insurance office located at 298 Ikorodu Road Anthony Lagos; give it a catchy caption and post it on FBNInsurance facebook page, or tag @fbninsurance on twitter, with the hashtag fbngeneralauto.

According to him, participants are then required to get their friends to retweet their picture for a chance to win a cool gift every week.

Pointng out that customers that buy any of the selected auto policies from FBN General Insurance during the period will get exciting ‘thank you’ gifts, Ojuma said that the campaign will run till March 20, 2016…Read More
Culled from Thisday

October 9th, 2017

FBN General Insurance Limited has announced the appointment of Mr. Olabode Opadokun as its Managing Director/Chief Executive Officer.

Opadokun, a consummate financial services professional with over 27 years’ experience spanning underwriting, risk assessment, operations and marketing in the insurance sector, was presented to the media at a well-attended press briefing held recently at the Company’s corporate head office in Lagos.

Opadokun started his professional career with Cornerstone Nigeria Plc. as one of its pioneer staff in 1991. He rose through the ranks at Cornerstone Insurance to the position of Manager before leaving to join the then newly-formed First Chartered Insurance Co. Ltd. as Assistant Vice President. As a pioneer management staff at First Chartered, he was involved in formulating policies and strategies required to keep the new acquired company in business. After two years, he joined Consolidated Risks Insurers Ltd. as DGM Operations where he was responsible for the smooth running of both the technical and marketing departments of the Company. Following the successful consolidation of the Company, he was promoted to the position of General Manager of the re-branded Company, Consolidated Hallmark Insurance Ltd. Prior to joining FBN General Insurance Ltd. as the MD/CEO, he was the MD/CEO of Nigeria Agricultural Insurance Corporation (NAIC). It is to his credit that the Corporation’s loss position was overturned within the first year of his stewardship.

Mr. Opadokun holds a Master’s Degree in Business Administration (MBA) from the Delta State University, Abraka, Delta State and is an Associate of the Chartered Insurance Institute, UK. More so, He is an alumnus of the prestigious Lagos Business School, a Fellow of the Chartered Insurance Institute, Nigeria and a member of the Governing Council of the Chartered Insurance Institute of Nigeria (CIIN).
Bode Opadokun’s appointment as Managing Director/CEO takes effect immediately…Read More
Culled from BusinessToday

October 9th, 2017

FBN General Insurance Limited has announced the appointment of Babatunde Mimiko as Executive Director.

In a statement by the company, the Managing Director, Bode Opadokun, said Mimiko brings on board 18 years career across the financial services industry including a short stint in banking.’’

He is no doubt an ideal fit to help our business to the next level. I am delighted to have him join us at this important growth stage in the life of FBN General Insurance Limited’’, he added.

Mimiko began his insurance career at WAPIC Insurance in 1999 as Assistant Superintendent (Underwriting). From there, he moved to the then Intercontinental Bank (now Access Bank) as Product Manager – Consumer Banking Group. At Intercontinental Bank, he was responsible for developing, marketing and management of all the retail banking products of the bank.

In 2003, he re-joined WAPIC Insurance as Branch Manager of its Port Harcourt office. He went on to spend the next 10 years of his professional career rising through various top management positions until he left as Controller in 2013. Prior to his appointment as Executive Director at FBN General Insurance, Mimiko was Managing Director of Ensure Insurance.

Mimiko is a Fellow of the Chartered Insurance Institute of Nigeria (FCII) and an alumnus of the prestigious Lagos Business School of Pan Atlantic University. A strategic and analytical mind, he is an MBA (Financial Management) holder from Lagos State University…Read More
Culled from The Nation

October 9th, 2017
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