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

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.

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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.

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May 30th, 2018

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