FBNInsurance Posts N37.63bn Premium in 2019

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FBNInsurance Limited recently presented its 2019 audited annual report to its shareholders during a virtual Annual General Meeting (AGM) held in Lagos.

At the e meeting, Managing Director of the company, Mr. Val Ojumah, announced that the company recorded a gross written premium of N37.63 billion.

He also informed the board and shareholders of the company that during the year under review, the company, recorded sustained growth and sterling performance in all business segments.
Ojumah, noted that the company closed the year with positive results and also made prompt claims payment to customers.

“Our Gross Premium Written (GPW) rose to N37.63 billion, an increment of 45 per cent compared to the N25.98 billion achieved in 2018; while profit before tax (PBT) appreciated by 28 percent from N6.13 billion in 2018 to N7.82 billion in 2019,” he said.

He attributed the performance to the company’s sustained growth and continuous penetration into the retail segment of the industry.
“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 N9.90 billion which is a 130 increase from N4.31 billion paid in 2018.

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

The Chairperson of the company’s board, Mrs. Adenrele Kehinde, said in demonstration of its commitment to its shareholders, the company, the company had announced a dividend of 97 kobo per share, representing 49 per cent increase from 65 kobo that was declared in 2018.