FBNInsurance Limited, one of the leading life insurance companies in Nigeria, has paid out N5.4bn claims settlements to its clients at the end of the third quarter of 2019.

Making the disclosure in Lagos, The Managing Director/ Chief Executive Officer of FBNInsurance Limited, Mr. Val Ojumah said that the focus of the company is to maintain the indisputable leadership position in the life insurance sub-sector by paying claims promptly and at the same time protect the interest of its various corporate and individual clients.

According to Mr. Ojumah, “Ours is a business of trust and as part of our efforts geared towards maintaining irrefutable leadership in the life insurance sub-sector, we have built a solid foundation where our clients can insure their trust by promptly paying their claims. We have also deepened our footprints across Nigeria in our quest to serving our customers and shareholders even better than we have done in previous years”.

He further reiterated that “Customer satisfaction is the fulcrum of insurance business and this inevitably builds customer loyalty and we will not fail to ensure this. We believe once FBNInsurance is able to pay customers’ claims as they arise, numerous customers and the general public will have faith to take up more life policies because they are convinced that should a claim/loss arise, FBNInsurance will be able to meet its financial obligations to them”.

You will recall that FBNInsurance paid N4.8bn claims in 2018, despite the unpredictable economic situation in the country occasioned by the preparation for the general election at that time.

FBNInsurance is an FBNHoldings company associated with the Sanlam Group SA and was incorporated in 2010 to transact life insurance business in Nigeria and currently operates out of over 40 sales outlets and two branches nationwide.

webmaster
July 16th, 2019

FBNInsurance Limited, one of the leading life insurance companies in Nigeria, has presented its annual report to shareholders at the company’s Annual General Meeting (AGM) which held in Lagos recently.

Addressing the members of the press, the Managing Director/Chief Executive Officer, FBNInsurance Limited, Val Ojumah, stated that the company closed the year with positive results and also made prompt claims payments to customers despite the unpredictable economic situation in the country occasioned by preparation for the just concluded general election.

Reviewing the year, Val Ojumah stated “we grew Gross Premium Written (GPW) by 33% to N26.0bn in 2018 from N19.6bn in 2017; while Profit Before Tax (PBT) appreciated by 44% from N4.2bn in 2017 to N6.13bn in 2018. The performance, he said, was driven by the company’s sustained growth and penetration into the retail segment of the industry. “Over the same period, as a responsive and responsible organisation, we promptly paid claims to our Clients to the tune of N4.8bn which is a 66% increase from N2.9bn in 2017. Our strategy remains to provide financial security to our customers. We are keen to attain uncontested leadership status in the life insurance sub-sector as well as aggressively exceed our customers and shareholders’ expectations,” he said. The company also announced a dividend of 65k per share, representing 81% increase from 36k that was declared for 2017.

Commenting on the company’s financial returns, Chairperson of the Board of Directors, FBNInsurance Limited attributed the growth and outstanding performance of the company in 2018 to its commitment in putting its clients first and resilience in achieving remarkable milestones. “Ours is a business of trust and as part of our efforts geared towards maintaining indisputable leadership in the life insurance sub-sector, we have built a solid foundation where our clients can insure their trust because of our reputation over the years of paying claims promptly” she said.

FBNInsurance is an FBNHoldings company associated with the Sanlam Group of South Africa.

The FBNI Staff Gift Drive which incepted in 2015 is in its 4th year.

webmaster
June 24th, 2019

FBNInsurance Limited, has released its financial report for the year ended 31 December 2018 as approved by the industry regulator, National Insurance Commission (NAICOM).

Figures obtained from the published financial statements showed a general growth across various measurement indices. The company’s profit before tax (PBT) grew by 44% from N4.26 billion in 2017 to N6.13 billion in 2018; while the gross premium written (GPW) grew from N19.6 billion in 2017 to N26.0 billion in 2018, accounting for a 33% increase.

While commenting on the financial statement, Val Ojumah, Managing Director/Chief Executive Officer, FBNInsurance, attributed the performance of the company to their resilience in achieving the strategic aspiration of becoming the most profitable life insurance company in Nigeria. “The 2018 result has not only moved us several steps towards this goal, it has also raised the bar for our performance in 2019. Given our track record of strong and sustainable growth, we are confident that FBNInsurance will wax stronger in 2019 despite the anticipated lull in economic activities due to political and electioneering activities”

The company’s Return on Equity (RoE) rose to 45% (up from 34% in 2017) and achieved a post-tax Return on Assets (RoA) of 8%.

It will be recalled that FBNInsurance last year won the 2018 Africa Re/AIO Insurance Company of the Year and was also assigned an “A+” rating by Agusto & Co.

FBNInsurance is an FBNHoldings company associated with the Sanlam Group SA and was incorporated in 2010 to transact life insurance business in Nigeria and currently operates out of over 40 sales outlets and three branches nationwide.

At the presentation ceremonies, the Executive Director, Business Development, FBNInsurance, Mr. Moruf Apampa reassured the homes of the insurers’ commitment to support the cause of both organizations in making the society a better place.

The FBNI Staff Gift Drive which incepted in 2015 is in its 4th year.

webmaster
June 24th, 2019

In line with their Corporate Responsibility and Sustainability initiatives, sister insurers, FBNInsurance and FBN General Insurance, recently donated various items to two care homes, the Heritage Homes and The Down Syndrome Foundation.

The companies spent the Valentine’s Day with the Children at the Heritage Homes and donated various food items, beverages, cash gift to the home. Also recently, both companies made similar donations to the Management of The Down Syndrome Foundation. Most of the items donated were largely raised through the companies’ annual Staff Gift drive, an in-house scheme that encourages members of staff of both companies to donate various items to a common cause.

At the presentation ceremonies, the Executive Director, Business Development, FBNInsurance, Mr. Moruf Apampa reassured the homes of the insurers’ commitment to support the cause of both organizations in making the society a better place.

The FBNI Staff Gift Drive which incepted in 2015 is in its 4th year.

webmaster
February 25th, 2019

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