FBN General Insurance has demonstrated its resilience in the nation’s insurance industry by posting a healthy financial statement for the year ended December 31, 2017, as approved by the National Insurance Commission (NAICOM).
Specifically, the company grossed a premium of N3.51 billion, up by an impressive year-on-year growth of 60 per cent, from N2.2 billion in 2016, while its claims’ expenses also rose by 180 per cent from N270 million to N756 million.
Profit before Tax (PBT) closed at N322 million, also representing a year-on-year growth rate of 66 per cent, as the company described the profitable growth, as partly driven by improved asset and investment portfolio management resulting to investment income growth of 112 per cent.
The Managing Director, FBN General Insurance, Bode Opadokun, said: “2017 was the year we consolidated on the strategic restructuring across key business functions.“This has inspired a profitable performance exemplified by our total assets recording an appreciable growth of 27 per cent at year-end fromN6.06 billion achieved in 2016 to N7.72 billion in 2017. With our strategic marketing drive and the support of our dedicated staff, we are hopeful of sustaining our growth in 2018.”
It is worthy of note that in addition to the company’s restructuring efforts during the year under review, FBN General Insurance has implemented some tactical initiatives, chief of which is the diversification into retail product sales to enhance its value proposition to customers.Though, the company recorded high claims expenses for the period, which stood at N756 million, this is symptomatic of the general high loss trend during the year and a testament to the firm’s commitment to its customers’ satisfaction.
Source: Guardian