FBS Posts 85% Growth in Insurance Revenue, Declares N600m Dividend

Nume Ekeghe

FBS Reinsurance Limited (FBS Re), has posted a robust financial performance for the 2024 financial year, with insurance revenue climbing by 85 per cent to N50.9 billion from N27.5 billion in 2023.

The results, approved at the company’s fourth Annual General Meeting (AGM), also showed a significant rise in Gross Written Premium to N48.9 billion, representing a 56 per cent increase from N31.4 billion in 2023.

Chairman of the Board of Directors, FBS Re, Bala Zakariyau, attributed the performance to the company’s resilience in a challenging operating environment.

Zakariyau stated: “Your company has once again recorded improvements in financial performance, particularly in the light of strong macroeconomic headwinds of 2024.”

He added that investment income rose sharply by 148 percent, from N1.9 billion in 2023 to N4.7 billion in 2024, reflecting the quality of the chosen business model and the strength of its asset base.

Meanwhile, with profit for the year closing at N10.07 billion, shareholders at the meeting approved a dividend payout of N600 million.

Speaking on the company’s achievements, the Board Chairman added: “In just four short years, through prudent resource management, strategic investments, and the unwavering dedication of our team, the company has established an enviable position in the Nigerian insurance industry.”

A further look into the results shows that cash and cash equivalents, along with Financial Assets, experienced significant growth of 81.4 per cent, increasing from N33.5 billion in 2023 to N60.8 billion in 2024. This reflects enhanced liquidity and stronger investment performance.