from Edet Udoh, Lagos
FBN General Insurance has once again demonstrated its resilience and consistent growth in the insurance industry by posting a healthy financial statement for the year ended, 31 December, 2017 as approved by the National Insurance Commission, NAICOM.
The company grossed a premium of N3.51 billion up by an impressive year-on-year growth of 60 percent from N2.2 billion in 2016, while its claims expenses also rose by 180 percent from N270million to N756 million. Profit before Tax (PBT) closed at N322 million, also representing a year-on-year growth rate of 66 percent.
This profitable growth, the statement said, was partly driven by improved asset and investment portfolio management resulting in an investment income growth of 112 percent.
In his comments on the companya��s figures, Bode Opadokun, MD/CEO, FBN General Insurance, said: a�?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 percent at year-end from N6.06 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.a�?
It is worthy of note that in addition to the companya��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 her value proposition to customers.
Though, the company recorded high claims expenses for the period which stood at N756m (a y/y growth of 180%), this is symptomatic of the general high loss trend during the year and a testament to the firma��s commitment to her customera��s satisfaction.
FBN General Insurance is a wholly owned subsidiary of FBNInsurance Limited, an FBNHoldings company associated with the Sanlam Group SA.