FBN General Insurance Limited has released its financial report for the year ended 31 December 2018 as approved by the industry regulator, National Insurance Commission (NAICOM).
FBN General Insurance’s Gross Premium Written (GPW) for the year closed at N4.63 billion, achieving a year-on-year growth of 32% from the corresponding performance of N3.51 billion recorded in 2017. In the same vein, the Profit Before Tax (PBT) peaked at N615.6 million, with a marked YoY growth of 91% from the N322.8 million realized as at the same period in 2017. Over the same period, the company grew its total assets YoY by 31% from N7.24 billion in 2017 to N9.45 billion in 2018, realizing a significant improvement in capital efficiency as it nurtures robust liquidity and solvency margin above the required benchmark.
Commenting on the company’s performance, the Managing Director/Chief Executive Officer, FBN General Insurance, Bode Opadokun, attributed the performance to the underwriting firm’s commitment in putting its clients first and resilience in achieving remarkable milestones. “The business gained momentum in 2018 as results across key performance metrics clearly validate FBN General Insurance commitment to the delivery of profitable growth and unwavering dedication to our clients, communities, and stakeholders,” he said.
It will be recalled that FBN General Insurance last year won the Best Customer Service Award (Insurance Category), at the 2018 Nigeria Brand Award 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 currently operates out of several outlets nationwide.
