Nume Ekeghe
In just its second year of operation, the newly established reinsurer, FBS Reinsurance Limited (FBS Re), has announced that it achieved a gross written premium of N16.6 billion.
Chairman, Board of Directors, Bala Zakariyau wdo disclosed this at the company’s 2nd Annual General Meeting (AGM) held in Abuja, said FBS Re grew its gross written premium by 110 per cent to N16.589 billion from N7.906 billion recorded in 2021.
He added that its underwriting profit also grew by 545 per cent from N813 million in 2021 to N5.244 billion, which according to the company was driven by prudent risk management and operating costs.
Zakariyau said FBS Re’s financial performance just in its second year of operation is a testament to the resilience of its applied business model.
He said despite environmental challenges, the company gained positive results in the critical areas of market share growth and profitability.
Zakariyau also disclosed that the company achieved an investment income of N1.050 billion in 2022 financial year, as against N275 million in 2021.
“Profit after tax rose to N2.491 billion, a 544 per cent increase from N387 million achieved in 2021. I am particularly pleased to report that the results were achieved mainly by delivering better services to our cedants and brokers.
“We shall continue to keep our promises, as has been anointed in our name – ‘For Better Services’ and create sustainable value addition for all our stakeholders, “Zakariyau said.
The territorial distribution of premiums of the Company shows that the Nigerian market contributed 69 percent of the total, followed by the Ghana market with 17 per cent, while Francophone and the rest of Africa contributed 5 per cent and 7 per cent respectively.
The Chairman also hinted that FBS Re will be embarking on a guided expansion program into other markets and territories outside its traditional Anglophone Zones. “This expansion will focus on Central, East, and Southern African territories as we continue to study the North African markets.”
