FBNInsurance Limited has continued to maintain its position as irrefutable leader in the life insurance segment in the nation’s insurance sector as it paid out N11.4 billion claims to its clients as of the end of the third quarter of 2021.

According to the data made available by the insurer, the sum of N11.4 billion was paid out between January and September 2021, which represents a 39% increase when compared to N8.2 billion paid in the same period in 2020.

Further breakdown showed that Individual Life insurance had the highest figure totalling N5.3 billion, while Annuity accounted for N3.5 billion.

Other figures released were N1.9 billion for Group Life insurance, and N687 million for Credit Life insurance.

Making this disclosure in Lagos, the Managing Director/Chief Executive Officer of FBN Insurance Limited, Mr. Val Ojumah, stated that in a bid to protect the interest of both corporate and individual clients, the company has built a solid foundation where clients can insure their trust by promptly paying their claims when the need arises. “Ours is a business of trust and our strategy remains to provide financial security to our clients. We are keen to attain uncontested leadership status in the life insurance sub-sector as well as aggressively exceed our customers and shareholders’ expectations by paying their claims as and when due,” Mr. Ojumah stated.

Recall that FBNInsurance Limited paid a total sum of N14.4 billion claims in the year 2020 despite the unfavourable economic situation occasioned by the COVID-19 pandemic.

FBNInsurance Limited is a life insurance business in Nigeria that currently operates out of over 60 sales outlets and two branches. FBN Insurance Limited is a member of the Sanlam Group of South Africa.

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October 20th, 2021

As part of her drive to motivate her retail sales force and in line with her corporate strategy, the Management of FBNInsurance Limited, recently rewarded her outstanding Financial Advisors, Sales Managers, Senior Sales Manager and Area Sales Managers during her 2020 MD/CEO EMBER Award and The Retail Annual Competition (TRAC) Award held in Lagos.

Speaking on the awards at the ceremony, the Executive Director, Retail Business Distribution, FBNInsurance Limited, Mr. Odinakachi Umekwe, commended the efforts of the retail team for the outstanding performances they put forward despite the pandemic.

According to him, “The retail team is the company’s potent sales force. This team of over 2000 vibrant men and women all over Nigeria has sold insurance under the most challenging environment to ensure the company stays ahead in the retail space despite the limitations imposed by COVID-19. This award ceremony is to adequately reward the top Financial Advisors and motivate others to strive more.”

At the award presentation for the EMBER Award, the Abuja Sales Area won the Best Performing Area for the period under review while Enugu and Aba Area came second and third respectively. The winning Areas were given cash reward for their efforts.

In the same vein, the Managing Director/Chief Executive Officer of the company, Mr. Val Ojumah, presented a brand-new Hyundai car to the overall winner of the 2020 TRAC Award (Financial Advisors category), Okonkwo Nkechi Rita. Winners in other categories got cash prizes, return tickets to United States of America, a trip to Dubai as well as training opportunity at the South African Business School, University of Stellenbosch.

Commenting on the future of the retail business, Mr. Val Ojumah stated that the future of the retail business is going digital. In his words: “It is exciting to know that we sold, made profits and still have our jobs at a time when people couldn’t even go out to work due to the pandemic. Though year 2020 was challenging, it has taught us how to do things better, away from the traditional way. All thanks to innovation and digitalisation. And as a business that thrives in difficult times, we will continue to adapt to changes that evolve with time.

Mr. Ojumah on a final note, commended the entire retail team for their relentless efforts and charged them to do more, strive for victory and never rest on their oars. He promised to continue to give them adequate support to ensure they meet their sales target. “Be assured that I and my team will give more attention to what you will need to meet your targets,” he concluded.

FBNInsurance Limited, a member of the Sanlam Group, operates a robust retail structure of over 2,000 retail agents operating out of 60 sales outlets nationwide.

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June 9th, 2021

FBN Insurance Limited, a fully owned subsidiary of Sanlam Emerging Markets (Pty) Limited has presented its 2020 Annual Report to shareholders at the company’s Annual General Meeting (AGM) held in Lagos recently.

Speaking at the AGM, the Managing Director/Chief Executive Officer, FBNInsurance Limited, Val Ojumah, disclosed that despite the challenging operating environment in the country, the company closed the year with positive results and made prompt claims payment to customers.

An analysis of the company’s report showed that the group recorded an improvement in net premium income at 8% year-on-year growth from ₦39.2 billion to ₦42.5 billion in 2020. Total assets of the group increased by 47% from ₦116.0 billion to close at ₦170.0 billion as at 31 December 2020. This growth was driven by the company’s investment strategy supported by the increase in premium written particularly from retail life and annuity. Insurance and investment contract liabilities grew by 58% from ₦88.4 billion to ₦139.3 billion in 2020. Further analysis showed that the company achieved 25% growth in its Profit After Tax (PAT) in 2020, translating to N9.9 billion as against N7.9 billion recorded in 2019. The net effect in equity was a growth of 22% from ₦19.5 billion to ₦23.8 billion in 2020. The company declared and approved dividend payment of 70k per share for the year ended 31 December 2020. It is on record that FBNInsurance Limited has consistently paid dividend to its shareholders yearly in the last 7 years.

Mr. Ojumah, while reviewing the company’s performance for the year, said: “we remain adaptable and responsive to the unfolding trends, modifying our plans and operations in a manner that would ensure that we achieved our strategic objectives. 2020 was a challenging year due to the outbreak of the novel coronavirus, but we witnessed an impressive growth along key metrics and across major lines during the financial year.”

The above performance is in line with our corporate strategy. In 2020, we commenced the implementation of a revised 3-year strategic plan for the 2020 – 2022 strategic cycle. Our strategic aspiration during this three-year horizon is to become the leading life insurance company based on gross premium. Having fulfilled our aspiration to become the most profitable life insurer in 2019, we are convinced that the next critical milestone for us is to become the number one life insurer by market share in Nigeria.

“In 2020, we paid claims to the tune of N14.4bn as against N12.2bn paid in 2019 which represents a year-on-year growth of 18%. This portrays our unwavering commitment to our esteemed customers. Our strategy, therefore, remains providing 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.

During the year ended 31 December 2020, FBN Holdings Plc divested its 65% equity holding which was acquired by Sanlam Emerging Markets (Pty) Limited on 1st June 2020. By this divestment, Sanlam Emerging Markets (Pty) Limited now has 100% equity in FBN Insurance Limited.

Drawing from the knowledge, experience and technical expertise of its owner, Sanlam Emerging Markets (Pty) Limited is one of the biggest internationally active insurance groups in the world and have been creating value for stakeholders for more than 100 years.

Commenting on the results and outlook of the company, the Chairperson of the company, Mrs. Adenrele Kehinde remarked: “We are pleased with our 2020 financial year end results. We are grateful for the trust that our shareholders have in our ability to continue to grow the business. We will continue to ensure the growth trajectory is sustained in 2021 financial year. While we anticipate an improved economy, we shall deploy strategies aimed at optimizing the inherent opportunities within the economy. A close review of our 2020 financial performance has once again demonstrated FBNInsurance’s solid footing amid a chaotic and unpredictable economic landscape. We are quite optimistic that year 2021 will be the best so far for our shareholders and esteemed customers in the history of FBNInsurance Limited”.

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

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May 30th, 2021

FBNInsurance has yet again emerged the Best Life Insurance Company in Nigeria, 2020 as announced by World Finance.

A statement obtained on the organisers’ website about the awardees: “The winners of this year’s World Finance Insurance Awards are the organisations most able to adapt to the new environment and help forge the future of the industry in their respective countries. This year the World Finance Insurance Awards showcases the businesses that are best equipped to handle the environment and expectations that are accompanying our new COVID-normal world. This means much more than just financial discipline. All businesses need to be leaders, but insurance companies need to be moral touchstones given the critical role they will play in the months and years ahead.”

Val Ojumah, the Managing Director/CEO, FBNInsurance, in his reaction to the news attributed the win to his company’s continuous deployment and utilization of technology in delivering services to meet the ever-changing needs of the customers, “We are happy to have won this award for the 5th time running especially during this pandemic which have impacted the way we work, shop and generally live. FBNInsurance has invested and stepped up its technology platforms to meet the ever-changing needs of the customer at this time,” he said.

Established in 2007, World Finance has celebrated achievement, innovation and brilliance in Business through their annual awards.

 FBNInsurance is a member of Sanlam Group, a leading diversified pan-African financial services group with businesses across 42 countries globally.

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March 31st, 2021

The innovative driven insurance company, FBNInsurance Limited, recently held its second Brokers’ Forum to introduce its newly launched health insurance product, SmartHealth International, to its Brokers.

The Forum, which was aimed at introducing the product to the Brokers, was well attended by over 30 top ranking Brokers as well as Executive members of FBNInsurance and the healthcare solution provider, Collinson, that partnered the insurer to develop the product.

While speaking at the Forum, the Managing Director/Chief Executive Officer of FBNInsurance, Val Ojumah, stated that the company, had over the years, given thought to bridging the gap in the nation’s health sector due to the inherent high cost and limited access to medical facilities by the average Nigerian. In his words: “To this end, we decided to partner an outstanding healthcare provider, Collinson, with over 30 years’ experience, to develop a flexible health insurance solution that provides an end-to-end high-quality service both in Nigeria and internationally.”

SmartHealth International, according to Mr. Ojumah, is a market specific and NAICOM approved healthcare product, designed to complement local healthcare cover by providing cover for employees and their families with affordable international healthcare. Mr. Ojumah disclosed that SmartHealth International covers critical illnesses that are untreatable in Nigeria. He urged the Brokers to promote the product as it would help address the lapses in the health sector of the nation.

Commenting on the health insurance product, the Brokers applauded the insurer and its partner for the initiative and pledged to promote SmartHealth International as they are ready to do more for a reputable brand such as FBNInsurance Limited.

Mr. Ojumah appreciated the Brokers for their unwavering support over the years and promised that the company would continue to give steady attention to the Brokers as it does not take their relationship with the insurer for granted.

FBNInsurance is a member of Sanlam Group, a leading diversified pan-African financial services group with businesses across 42 countries globally.

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March 5th, 2021
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