FBNInsurance Ltd, said it achieved a general growth across various measurement indices in its financial statement for the 2018 business year which ended December 31, 2018.
The company, said in the audited statement, its profit before tax (PBT) grew by 44% from N4.26 billion in 2017 to N6.13 billion in 2018; while the gross premium written (GPW) grew from N19.6 billion in 2017 to N26.0 billion in 2018, accounting for a 33% increase.
While commenting on the financial statement, Managing Director/Chief Executive Officer, FBNInsurance, Val Ojumah, attributed the performance of the company to the management resilience in achieving the strategic aspiration of becoming the most profitable life insurance company in Nigeria.
“The 2018 result has not only moved us several steps towards this goal, it has also raised the bar for our performance in 2019. Given our track record of strong and sustainable growth, we are confident that FBNInsurance will wax stronger in 2019 despite the anticipated lull in economic activities due to political and electioneering activities”
According to the FBN financial statement, Return on Equity (RoE) rose to 45% (up from 34% in 2017) and achieved a post-tax Return on Assets (RoA) of 8%.
FBNInsurance last year won the 2018 Africa Re/AIO Insurance Company of the Year and was also assigned an “A+” rating by Agusto & Co.
FBNInsurance is an FBNHoldings company associated with the Sanlam Group SA and was incorporated in 2010 to transact life insurance business in Nigeria and currently operates out of over 40 sales outlets and three branches nationwide.