FBNInsurance, Nigeria’s fast growing Life insurer, has released its financial report for the year ended 2017 as approved by the industry regulator, National Insurance Commission (NAICOM).
Figures obtained from the published financial statements showed a general growth across various measurement indices. The company’s profit before tax (PBT) grew by 37% from N3.11 billion in 2016 to N4.26 billion in 2017; while the gross premium written (GPW) grew from N9.9 billion in 2016 to N19.6 billion in 2017, a massive 98% increase.
While commenting on the financial statement, Val Ojumah, Managing Director/Chief Executive Officer, FBNInsurance, credited the strong performance to a combination of factors including continued penetration of the retail insurance space, strong cost optimisation culture, consistent and efficient service delivery across available touch-point.
Other factors are exploitation of new service channels, disciplined risk management, and a well-motivated staff.
“Our overall performance once again reinforces our strong earning capacity and robust capital base which have put us in better stead to accommodate and sustain future growth. Our Return on Equity (RoE) rose to 34% (up from 29%, 2016) and achieved a post-tax Return on Assets (RoA)of 6%,” he concluded.
It will be recalled that FBNInsurance was last year recognised –for the third time in four years- as the Best Life Insurer in Nigeria by World Finance, while Sanlam Emerging Markets (SEM) awarded her the prestigious Nations Cup for a glowing performance all round amongst SEM companies. At the home front, the beat association of Insurance journalists, National Association of Insurance and Pension Correspondents (NAIPCO), awarded the company as the fastest growing insurance company in Nigeria.
An FBNHoldings company associated with the Sanlam Group SA, FBNInsurance was incorporated in 2010 to transact life insurance business in Nigeria and currently operates out of 42 sales outlets and three branches nationwide.