FBN General Insurance said its gross premium rose by 17.4 per cent to N2.2bn in the 2016 financial period from N1.8bn in 2015.
According to a statement from the firm on Sunday, its claim expenses also rose by 24 per cent from N205m to N270m in the year under review.
The firm said this financial performance was a reflection of the shrewd management efforts at expanding its client base, excellent underwriting capability as well as increased customer acceptance of the brand.
The Managing Director/Chief Executive Officer, FBN General Insurance, Bode Opadokun, said insurance could only thrive on trust.
He said, “You will agree with me that payment of claims is perhaps the best way for an insurance company to demonstrate it is worthy of the customer’s trust. That we paid more claims this year than the last shows our customers trust us more and are willing to allow us to bear more of the risks they would normally bear themselves.
“This lends credence to the widely known fact that we are not just a responsible insurer, we are responsive and committed to our policyholders’ well-being at all times.”
According to details of the audited account approved by the National Insurance Commission, the company’s total assets rose by 11.9 per cent to N6.1b in 2016, from N5.3bn in 2015.
Opadokun said, “In a year where economic uncertainties badly affected many companies’ asset base, we were able to increase ours by almost N1bn. This is an indication of our strength in depth arising from a solid heritage and consistent investment in quality staff.”