FBNInsurance Limited, a leading insurer in Nigeria, recently concluded its Annual General Meeting in Lagos and the shareholders approved a full year dividend of 74 kobo per ordinary share for the year end 2021.

Speaking at the Annual General Meeting, Mr. Val Ojumah, the Managing Director/Chief Executive Officer of FBNInsurance Limited, stated that FBNInsurance financial performance in 2021 demonstrates the company’s strong footing despite the challenging operating environment in 2021. “We are pleased with our 2021 financial year end results and also grateful for the trust that our shareholders have in our ability to continue to grow the business,” Mr. Ojumah commented.

Mr. Ojumah further stated that while the nation anticipates an improved economy, FBNInsurance Limited remains adaptable and responsive to the unfolding trends, modifying plans and operations in a manner that would ensure the company achieves its strategic objectives.

The dividend declared for year 2021 is a 6% increase from 70k that was declared in 2020. It is worthy to note that FBNInsurance Limited has consistently paid dividend to its shareholders in the last 8 years.

Recall that it was earlier reported that the underwriting firm paid claims to the tune of N16.1 billion to its customers in 2021.

FBNInsurance is a Limited Liability Company licensed to transact Life Insurance business in Nigeria, providing cover for Individual and corporate clients with strong presence in almost every state in the country. FBNInsurance is also a member of the Sanlam Group, a leading diversified, pan-African financial services group. Leveraging the strength of the Sanlam Group brand, FBNInsurance is strategically positioned to transform the insurance industry in Nigeria. The company has won several awards including, Best Life Insurance Company in Nigeria by World Finance 2014, 2016, 2017, 2019 & 2020; Best Insurance Company in Africa by the African Insurance Awards, 2018; Fastest Growing Insurance Company by the National Association of Insurance and Pension Correspondents, 2018; Augusto & Co. A+ rating in 2016 & 2018 and Certified as a Great Place to Work, Medium-Sized Organization 2019.

L-R: Mr. Festus Izevbizua, Executive Director, Finance and Admin, FBNInsurance Limited; Mr. Odinakachi Umekwe, Executive Director, Retail Distribution, FBNInsurance Limited; Mr. Kobus Vlok, Non-Executive Director, FBNInsurance Limited; Mr. Oyewale Ariyibi, Non-Executive Director, FBNInsurance Limited; Mr. Val Ojumah, Managing Director/Chief Executive Officer, FBNInsurance Limited; Mr. Robert Dommisse, Non-Executive Director, FBNInsurance Limited; Mrs. Anne Edeogu, Company Secretary/Head, Legal Services, FBNInsurance Limited; Dr. Femi Oyetunji, Independent, Non-Executive Director Nominee, FBNInsurance Limited; Mr. Moruf Apampa, Executive Director, Business Development and Technical, FBNInsurance Limited; Mr. Nelius Bezuidenhout, Non-Executive Director, FBNInsurance Limited, and Alhaji Tijjani Borodo, Independent Non-Executive Director Nominee, FBNInsurance Limited at FBNInsurance Annual General Meeting held in Lagos.

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May 25th, 2022

The Board, Management, staff of FBNInsurance Limited, friends, and family members all gathered recently to celebrate the outgoing Chairman, Mrs. Adenrele Kehinde.

Speaking at the event, Mr. Val Ojumah, the Managing Director/Chief Executive officer of FBNInsurance Limited, said Mrs. Adenrele demonstrated brilliance, excellence and a high level of professionalism, and strong competence on the job. Mr. Ojumah also described Mrs. Adenrele as an advocate of high ethical standards who regularly challenged the company’s executive management to deliver industry-leading results using her usual mantra “the result of hard work is more work.”

Also, speaking at the event, Mr. Bode Opadokun, Managing Director/ Chief Executive Officer, FBN General Insurance Limited, applauded Mrs. Adenrele for her openness and professionalism. He added that though she has retired, the company would continue to draw from her wealth of experience.

Mr. Oyewale Ariyibi, a Non-Executive Director, FBNInsurance Limited and Chief Financial Officer, FBNHoldings, commended Mrs. Adenrele for dedication and leadership which he said brought some innovation and initiatives to FBNInsurance. She believed strongly in the name of the institution, leadership of the board, and management, Mr. Ariyibi added.

Mr. Robert Dommisse, Chief Executive Officer, Sanlam Pan-Africa Life Insurance, also commended the outgoing chairman for her dedication, commitment, and passion for the growth of the company. Mr. Dommisse, also described Mrs. Adenrele as a good negotiator, a woman who never accepts no for an answer when it comes to negotiating for anything for her company.

Further commendation came from Wale Babalakin, Chairman, Bi-Courtney Group of companies, who commended Mrs. Adenrele for her support and selflessness. Babalakin narrated how with the help of Mrs. Adenrele, he was able to secure a loan from a bank at the age of 28 to build an 11-storey building.

In addition to these great achievements and commendation, Mrs. Adenrele will also be remembered for her contribution to the tremendous growth that FBNInsurance enjoyed under her leadership. Under her watch, the company’s gross premium grew from N3.9 billion in 2013 when she joined to N38.6 billion as of December 2021.

In her response, Mrs. Adenrele, reiterated the need to sustain the growth that the company has achieved over the years. “We must remain keen to attain uncontested leadership status in the life insurance sub-sector and growth of our General Insurance business. She also added that the brand must remain focused on its goal which is to exceed expectations, break records and delight customers and shareholders in a greater measure than in the past.

Mrs. Adenrele Kehinde was appointed to the board of FBNInsurance Limited as Chairman in May 2013, following her earlier admission into the Board in March of the same year as a Non-Executive Director. She however took over the leadership of the Board from Mrs. Ibukun Awosika, the pioneer board Chairperson.

Mrs. Adenrele before her appointment to FBNInsurance was a Non-Executive Director in FBNCapital Limited, now FBNQuest Limited.

FBNInsurance is a Limited Liability Company licensed to transact Life Insurance business in Nigeria, providing cover for Individual and corporate clients with strong presence in almost every state in the country. FBNInsurance is also a member of the Sanlam Group, a leading diversified, pan-African financial services group. Leveraging the strength of the Sanlam Group brand, FBNInsurance is strategically positioned to transform the insurance industry in Nigeria. The company has won several awards including, Best Life Insurance Company in Nigeria by World Finance 2014, 2016, 2017, 2019 & 2020; Best Insurance Company in Africa by the African Insurance Awards, 2018; Fastest Growing Insurance Company by the National Association of Insurance and Pension Correspondents, 2018; Augusto & Co. A+ rating in 2016 & 2018 and Certified as a Great Place to Work, Medium-Sized Organization 2019.

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May 11th, 2022

One of Nigeria’s leading insurance companies and the one adjudged the most profitable life insurance company in Nigeria has revealed that it paid ₦16.1 billion claims to its customers at year-end December 31, 2021.

While speaking on the company’s claims profile, the Managing Director/Chief Executive Officer, FBNInsurance Limited, Val Ojumah, disclosed that the company’s commitment to satisfying her clients is non-negotiable. “At FBNInsurance Limited, we are in the business of paying genuine claims that are due. Our strategy remains to provide financial security for our clients and as always, we will not rest on our oars to exceed our customers’ and stakeholders’ expectations, because, to us, the Customer is King,” Mr. Ojumah concluded.

Speaking further, Ojumah 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”.

Recall that FBNInsurance paid ₦11.5bn claims in 2020; this was in spite of the challenging operating environment in the country, especially as the world continues to battle with the economic effect of the Covid pandemic.

FBNInsurance Limited is a member of the Sanlam Group, a leading diversified, pan-African financial services group that through its diversification strategy has created value for stakeholders for more than 100 years with a business presence across 33 countries in Africa as well as in the USA, Europe, Malaysia, Australia, the UK, and India.

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April 29th, 2022

Nigeria’s insurance market boasts huge potential, but it is difficult to unlock because of the lack of trust between customers and insurance providers. FBNInsurance believes technology is about to change this.

With a young population and a rapidly growing middle class, Africa presents huge opportunities to insurers. But so far, this potential has been relatively untapped. In 2016, the whole continent of Africa represented only 1.5 percent of the global insurance market.

The insurance penetration rate is particularly low in Nigeria. There are a number of reasons for this, but perhaps one of the most significant is a lack of trust in insurance providers. Many people in Nigeria still struggle to believe that their claims will be paid quickly, fairly and accurately.

FBNInsurance believes the way to warm Nigerians to the concept of insurance is to build trust and enhance transparency through digital innovation. World Finance spoke with Val Ojumah, Managing Director and CEO of FBNInsurance, about how the company plans to make this a top priority over the coming years.

This year marks FBNInsurance’s 10th anniversary. How will the company celebrate? How has the life insurance space changed in this time?
In the last decade, the Nigerian insurance landscape has seen a significant shift away from the oversaturated world of corporate insurance and towards the retail space, where there are enormous opportunities for insurance providers.

The distribution strategy has also changed from a completely broker-dependent market to a multichannel system, where insurance products are distributed through various merchant representatives. Finally, we are finding that more products released to the market truly resonate with Nigerians. We are also seeing an increase in consumer awareness of insurance and its benefits.

To commemorate 10 years in the insurance industry, this year we are planning a host of celebratory activities with our numerous stakeholders who have contributed to our success story over the decade.

In 2019, FBNInsurance became the most profitable life insurance company in Nigeria. How did it achieve this?
The company achieved this by designing and marketing products that add value to the lives of Nigerians and by managing our costs very efficiently. At the same time, we maintained robust investment in our insurance funds. We were aware of the huge opportunities in the Nigerian insurance landscape and chose areas that were both high volume and low cost.

What innovations has FBNInsurance introduced recently and how have they improved the company’s services?
Last year, we rolled out our internal financial advisor app to two thirds of our 3,000-strong agency workforce. We positioned this platform to be more than just another sales tool – rather, we wanted it to act as a professional aide to our financial advisors. This ensures that when they are out in the field, they can give the best advice to customers and recommend products that actually fit their individual needs.

We have built artificial intelligence into our financial advisor app so that it has the capacity to recommend cross-selling opportunities based on data we already have on the customer. The app also provides a sales tracker feature for the advisor and their manager, as well as an appointment tracker and other messaging features. Meanwhile, customers can benefit from instant payment notifications and multiple processing options.

The app has great potential to transform our processes for the better. It reduces bureaucratic inefficiency by eliminating paperwork that can easily get lost in transit. Now, the underwriter can instantly receive a proposal, meaning there is a faster turnaround for policy conversion. The app will also allow us to operate with greater transparency.

Are there any digital technologies that will continue to disrupt and evolve the insurance market in the coming years?
The biggest challenge we have to overcome in the industry is the lack of transparency between insurance providers and customers. It’s crucial that we enhance transparency across all aspects of our business model, from product features and terms and conditions to payment arrangements and policy statuses.

Digital technology is helping us achieve this. Through our online platforms, we can show customers that we will fulfil our promises to them by insuring their most valued assets and safeguarding their future. In this way, customers don’t have to simply take our word for it – they can verify our performance for themselves. This can be done anywhere, at any time and by any digital means, from quick codes and WhatsApp to other web and mobile apps. Even calling one of our customer service centres has become a completely new experience: thanks to technological advances, we know exactly who the caller is before they say a word.

Through data collection and artificial intelligence, these platforms allow us to better understand our customers and their preferences. This helps us personalise our interactions with clients and ensure that our products are relevant to them. In this way, we fulfil our ambition to secure the future of Nigerians and their families. At FBNInsurance, we truly understand that the future is digital, so we have made it our mission to embrace the latest technological innovations to drive success.

To what extent are environmental risks a consideration for your employees?
Environmental risks and the impact they could have on our employees are a major concern to our organisation. Because of this, we’ve included action plans for dealing with environmental exposure in our enterprise risk management framework.

What is the current state of Nigeria’s insurance sector? How do you expect it to achieve further growth?
In Nigeria, insurance penetration has remained at less than 0.5 percent for over two decades. This positions the Nigerian industry among the least-penetrated insurance sectors in Africa (see Fig 1). While this is an indication of the current weak performance of the country’s insurance industry, it also highlights Nigeria’s potential, particularly for companies that are willing to exploit opportunities in the retail segment.

Awareness of the value of insurance is still relatively low in Nigeria. This inevitably limits the demand for products and services offered by insurance companies. Furthermore, Nigeria’s National Insurance Commission has identified that some cultural and religious beliefs act as a hindrance to the uptake of insurance. In fact, some consider them to be critical factors in the underdevelopment of the insurance sector.

Consequently, an aggressive consumer education campaign is a strategic priority for the insurance sector. From a regulatory perspective, new recapitalisation plans are expected to result in the emergence of stronger insurance companies that would be capable of underwriting bigger risks.

Can you talk us through FBNInsurance’s strategic outlook for 2020-23?
In the past 10 years, FBNInsurance has emerged as a leading life insurance company in Nigeria, becoming one of the top three life insurers based on market share. Our strategy is based on the fundamental premise that insurance penetration in Nigeria, which still stands at less than one percent, must be improved.

Because of the low penetration rate, the opportunities for first-time buyers of life insurance are huge, and the retail market is open to all players that possess the capabilities and stamina for it. Therefore, between 2020 and 2023, we will strengthen our capabilities in this regard, with a view to reinforce our foothold in the retail segment.

Specifically, our focus will be on the following strategic initiatives: sustaining agency expansion and enhancing productivity; establishing bancassurance partnerships with key banks; and leveraging digital technology to enhance our operational efficiency and service delivery.

Could you explain some of the key differences between your corporate and retail products?
Given that FBNInsurance is a retail-focused insurer, meaning most of its offering is developed for the retail market. These products are designed to address the particular needs of various types of retail customers while taking into consideration the specific customer’s income level. From time to time, we conduct research on the evolving needs of Nigerians, with a view to develop groundbreaking products based on what they tell us.

The primary corporate product of FBNInsurance is group life insurance. This is a mandatory life insurance product that companies with five or more employees are required to purchase on behalf of their workforce.

How important is corporate social responsibility at FBNInsurance?
Our corporate responsibility and sustainability strategies reflect our vision of becoming Nigeria’s first choice in wealth creation and financial security. This is an undertaking that can only be achieved by nurturing strong long-term relationships. This is a core value of the company and something that influences the way we go about our work. It means not just engaging with our stakeholders and striving to meet our customers’ needs, but also cherishing our workforce and the communities in which we operate.

The business of insurance revolves around trust. As a leading insurance company, it is imperative that we inspire trust and confidence in everything we do. It is with this in mind that we move into a bright new decade in Nigeria’s insurance industry.

Source: https://www.worldfinance.com/wealth-management/fbninsurance-digital-innovation-can-help-build-trust-in-the-nigerian-insurance-industry

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February 18th, 2022

As part of its Corporate Responsibility and Sustainability (CR&S) initiative, FBNInsurance Limited and its subsidiary, FBN General Insurance, recently donated various items to Orphanage Homes and a Foundation across three geographical regions of the country: Lagos, Abuja and Port Harcourt.

A statement by the insurance firm named the beneficiaries as Heritage Homes Orphanage, Lagos, Down Syndrome Foundation, Lagos, The Poorest of the Poor, Abuja, and Goodness and Passion Orphanage Home, Port Harcourt.

Items donated by the leading Life Insurance firm include food, beverages, toiletries as well as an undisclosed amount of cash to the beneficiaries.

Most of the items donated to the Homes and Hospice, according to the statement, were largely raised through the company’s annual Staff Gift Drive which is an in-house initiative that encourages members of staff of the company to donate various items for a common cause.

The FBNInsurance Staff Gift Drive was incepted in 2015.

While appreciating the insurer, on behalf of the Board and Management of Heritage Homes & Orphanage, the Assistant General Manager of the orphanage home, Mr. Reuben Amara, thanked the company for its kind donation towards the upkeep of the children in the Home.

“We appreciate FBNInsurance for always standing by us and seeing to the needs of the children every year. We pray that the Almighty God will reward your labour of love. We look forward to seeing you again,” he said.

In the same vein, the Educational Therapist, Down Syndrome Foundation Nigeria, Mr. Innocent Okuru, who received the items on behalf of the Foundation, also expressed the Foundation’s gratitude for the insurer’s donation.

Mr. Okuru said, “We are grateful for your support, concern, love and for interest shown to our mission. We thank you from the depth of our hearts and pray that FBNInsurance continues to grow from strength to strength.”

The Management, staff and children of Goodness and Passion Orphanage Home, Port Harcourt, and The Poorest of the Poor, Abuja, in their words of appreciation to FBNInsurance, prayed for the continuous growth of the company.

In his comment, the Managing Director/Chief Executive Officer of FBNInsurance Limited, Mr. Val Ojumah, said the company was delighted to hold the initiative as it is the organisation’s way of appreciating God’s creation and, at the same time, giving back to the society.

Mr. Ojumah reassured the Orphanages and Foundation of the insurer’s continued commitment to supporting the cause of the organisations in making society a better place.

“We carry out this initiative on a yearly basis and we hope to continue to do more,” Mr. Ojumah concluded.

FBNInsurance is a Limited liability company licensed to transact life insurance businesses in Nigeria. The company, with a presence in strategic geographical locations across the country, is a member of the Sanlam Group, which is a leading diversified pan-African financial service group.

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February 18th, 2022
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