FBNInsurance Grows Profit by 37 %

• FBNInsurance Grows Profit by 37 %

FBNInsurance said its profit before tax grew by 37 per cent from N3.11bn in 2016 to N4.26bn in 2017.

The company also said its gross premium written grew by 98 per cent from N9.9bn in 2016 to N19.6bn in 2017.

A statement obtained from the firm showed a general growth across various measurement indices in its 2017 financial performance, which was approved by the National Insurance Commission.

The Managing Director/Chief Executive Officer, FBNInsurance, Val Ojumah, commenting on the financial statement, credited the strong performance to a combination of factors such as continued penetration of the retail insurance space, strong cost optimisation culture, consistent and efficient service delivery across available touch points, exploitation of new service channels, disciplined risk management, and well-motivated workers.

He said, “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 rose to 34 per cent (up from 29 per cent, 2016) and we achieved a post-tax return on assets of six per cent.”

The statement said FBNInsurance was last year recognised (for the third time in four years) as the Best Life Insurer in Nigeria by World Finance; Sanlam Emerging Markets also awarded it the prestigious Nations Cup for its glowing performance among SEM companies.