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.

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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.

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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.

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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.

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February 25th, 2019

In celebration of the International Literacy Day and in line with the FBNHoldings Group Corporate Responsibility and Sustainability initiatives, FBNInsurance has supported back-to-school kits to needy children in Lagos.

At an event organised by a non-governmental organisation, Jakin NGO, 500 school children from various homes and hospices got free school bags, uniforms, notebooks, sandals and socks, among others.

Jakin NGO covnvener, Bukola Adebiyi, expressed gratitude to the management of FBNInsurance for their support for the programme. She said the insurer had been sponsoring Jakin NGO’s Dress-A-Child-for-School programme for some years.

FBNInsurance Managing Dirctor, Val Ojumah praised  Jakin NGO for its commitment to the less privileged. He said  at FBNInsurance, they take education seriously.

He said: “This is why our best selling product, FlexiEdu, is designed to help parents and guardians ensure their children and wards enjoy the very best of education, come what may..

“FBNInsurance’s strides in the area of education is well documented. Earlier in the year, the firm refurbished two blocks of classrooms and sunk boreholes in two schools at a rural community near Abraka, Delta State,” he noted.

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October 11th, 2018

The Sanlam Group celebrates its 100th birthday, and we at FBNInsurance are proud of our association with this financial services giant, which first opened its doors in Cape Town, South Africa.

Founded in 1918, Sanlam has a rich history, the Group has evolved over the years from a traditional life insurance company to a broad-based diversified financial services provider that specialises in insurance (life and general), financial planning, retirement, investments and wealth. In 1998 Sanlam demutualised, listing on the JSE Ltd and the Namibian Stock Exchange.

The Group was restructured into several independent businesses within a federal business structure.

The Group has consistently grown its local as well as an international footprint – it now has a presence in 33 African countries, India, Malaysia, Philippines, the UK /Ireland, the US, Switzerland, and Australia.

It has taken the Group 100 years of doing things properly and doing them for good to get this far. While its centenary year is a chance to reflect on years of product and technological innovation, looking after society and creating financial security for all, Sanlam is looking ahead towards the next 100 years – firmly committed to continue creating lasting value and enabling people to live their best lives possible for now and for generations to come.

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October 11th, 2018

FBNInsurance, has restated her commitment to outstanding Customer Service through the firm’s sponsorship of the 2018 Customer Amazement Revolution Masterclass with renowned Customer Service expert, Shep Hykens and accomplished economist, Prof Benjamin Akande.

Speaking at the conference, Lead Facilitator, Shep Hyken, emphasised the need for every business to realise that today’s customer no longer compare apples to apples, but they compare the quality of service received from the business to the best they have enjoyed elsewhere even if the industries were different. He went ahead to propose the Out-Convenience model for winning back the customer’s trust at all times. In his presentation, Prof Akande charged business leaders to commit to building a vibrant generation of youth leaders who will affect the Nigerian economic space going forward.

Val Ojumah, MD/CEO, FBNInsurance, who was also a discussant at the conference, commended the organisers and other sponsors of the conference for their support. He reiterated his firm’s commitment to better customer service as a pre-requisite to continuous customer satisfaction via multiple touchpoints.

The Masterclass, which was put together by The Workplace Centre, had various professionals from the financial services, health sector amongst others in attendance. Recall that recently, FBNInsurance hosted a successful Customer Forum in Aba as one of the avenues to engage with the business.

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October 11th, 2018

Foremost underwriter, FBNInsurance Limited has said it will play in tier one category when the recently released Tier-Based Minimum Solvency Capital regime by the National Insurance Commission (NAICOM) begins by January 1, 2019.

Its Managing Director, Val Ojumah, disclosed this today at a press conference in Lagos, adding that the the duo of FBNInsurance Limited and FBN General Insurance Limited have the financial wherewithal to operate in the category.

He noted that the initiative taken by the industry regulator remains one of the best things to have happened to the insurance industry in recent times, stressing that the initiative will help address the ills in the industry.

According to him, the initiative will help build capacity for underwriters, meet claims responsibilities and act professionally. He added that the step will also help push up prices of insurance stocks at the Nigerian Stock Exchange(NSE).

He said the firm has been underwriting risks in oil and gas and aviation sectors as well as writing annuity business, promising that these critical areas of its business would receive greater attention in the envisaged business model.

Ojumah maintained that the firms will also expand their branch network to cover all parts of the country, which will help to deepen insurance penetration.

Managing Director/Chief Executive Officer, FBN General Insurance Limited, Bode Opadokun, said the Risk-Based Categorisation (RBC) will reposition industry, adding that it will also strengthen financial positions of firms and improve Return On Investment (ROI).

He commended NAICOM for the initiative, stressing that the step will pave way for engagement of competent hands by underwriting firms and encourage professionalism.

Executive Director, FBNInsurance Limited, Ekpe Ukpabio, on his part, pointed out that the firm supports the initiative as it is going to increase public confidence on insurance, saying, this development will also boost investors’ confidence.

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October 11th, 2018

In line with her corporate strategy and as a show of her continued commitment to growing the insurance retail market, the management of FBNInsurance recently rewarded her top retail agents at her annual Retail Awards held in Aba, Abia State.

At the event, Ndubueze Onyekachi of the Aba Sales Region, won a brand new car as the overall winner in the financial advisor category; Ikenhi Wisdom got an all-expense paid trip to Dubai as first runner-up while Iyogwoya Roseline, last year’s winner, won a 55” OLED TV as the second runner-up.

Speaking at the event, Odinakachi Umekwe, Head, Retail Distribution, FBNInsurance, acknowledged the support of the Board and Management of the company while encouraging the winners not to relent in their sales drive. “Winning is not the end of it, there is always more work to be done. Congratulations for winning this time, but remember, many others want to win too; so, work harder,” he said.

Headquartered in Marina, Lagos, FBNInsurance is widely acknowledged as the fastest growing insurance company in Nigeria and indeed Africa as evidenced by her announcement as the Insurance Company of the Year at the recently held AIO/Africa-Re Insurance Awards. Incorporated eight years ago, the company has relied on a robust retail strategy to grow its business over the years.

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August 8th, 2018

Fast-growing life insurer, FBNInsurance limited, has confirmed its continuous growth amongst the comity of insurers by bagging the prestigious ‘A+’ credit rating from the foremost research and credit ratings company, Agusto & Co.

In the final rating report, the credit ratings company acknowledged FBNInsurance as a “financial institution with satisfactory financial condition and adequate capacity to meet its obligations as and when they fall due.” The report states further that: “the rating reflects its (FBNInsurance’s) strong capitalization, good profitability, moderate exposure to underwriting risk, good cash flow and liquidity as well as an experienced management team.”

Industry watchers believe that while the company’s affiliation to FBNHoldings has helped her business development and risk management initiatives, her association with the Sanlam Group (SA) on the other hand has clearly aided the insurer’s technical capabilities thereby making it a vibrant business concern. This much was acknowledged by her recent announcement as the 2018 AIO/AfricaRe Insurance Company of the Year in Accra, Ghana.

It will be recalled that FBNInsurance has consistently been rated A+ for the past three years. With a growing retail network of over 2000 retail sales agents operating from 42 sales outlets and 3 branch offices nationwide, the company is poised to increase her market share with unique product offerings and a commitment to customer relationship.

webmaster
August 8th, 2018
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