FBNInsurance Grew N7.82bn Profit Before Tax, pays N9.92bn claims in 2019

The 2018 Most Profitable Life Insurance Company in Nigeria, FBNInsurance Limited, has presented its 2019 audited Annual Report to stakeholders 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, stated that the company closed the year with positive results and also made prompt claims payment to customers.

Reviewing the year, Val Ojumah said “We grew Gross Premium Written (GPW) by 45% to N37.63bn in 2019 from N25.98bn in 2018; while Profit Before Tax (PBT) appreciated by 28% from N6.13bn in 2018 to N7.82bn in 2019.” The performance, he said, was driven by the company’s sustained growth and continuous penetration into the retail segment of the industry. “Over the same period, as a responsive and reliable insurer that keeps to its words, we promptly paid claims to our clients to the tune of N9.92bn which is a 130% massive increase from N4.31bn paid in 2018. Our strategy remains providing financial security for our esteemed customers and as always, we will not fail to exceed our customers’ and stakeholders expectations.” He added.

Commenting on the company’s financial returns, the Chairperson of the Board of Directors, FBNInsurance Limited, Kehinde Adenrele, attributed the sporadic growth and sterling performance of the company in 2019 to its technical competencies, commitment to customers’ satisfaction and resilience in achieving remarkable milestones.

Recall that FBNInsurance recently won the Best Life Insurance Company in Nigeria Award at the World Finance Award held in London.

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

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March 9th, 2020

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