FBNInsurance records N37.63bn gross premium

FBNInsurance has said its gross premium written rose to N37.63bn at the end of the 2019 financial period.

The firm disclosed this in a statement on its 2019 audited annual report.

The Managing Director/Chief Executive Officer, FBNInsurance Limited, Mr Val Ojumah, said the company closed the year with positive results and also made prompt claims payment to customers.

While reviewing the year’s performance at the firm’s e-annual general meeting in Lagos, he said, “Our gross premium written rose to N37.63bn, an increment of 45 per cent compared to the N25.98bn achieved in 2018; while profit before tax appreciated by 28 per cent from N6.13bn in 2018 to N7.82bn in 2019.”

He attributed the performance to the firm’s sustained growth and continuous penetration into the retail segment of the industry.

Ojumah said, “In the same vein, as a responsive and reliable insurer that keeps its promises, we promptly paid claims to our clients to the tune of N9.90bn, which is a 130 per cent increase from N4.31bn paid in 2018.

“One of our primary objectives is to help people, businesses and communities get back on their feet when the unexpected happens.”

He added, “Therefore, it has been – and continues to be – our commitment to transact business in a sustainable manner that ensures that we are there for our customers today and long into the future.

“It is this disposition that is once again responsible for our accomplishments in 2019, which represents our best year so far in the history of FBNInsurance.”

The Chairperson, FBNInsurance, Mrs Adenrele Kehinde, said the sporadic growth and sterling performance of the firm in 2019 was made possible through the mining of the “hidden treasures” in the retail life insurance market.

FBNInsurance announced a dividend of 97 kobo per share, representing a 49 per cent increase from 65 kobo that was declared in 2018.

The insurer said it had consistently paid dividends to its shareholders since 2013.

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