FBN General Insurance pays N902m claims in 2018

FBN General Insurance Limited, a subsidiary of FBNInsurance Limited paid the sum of N902 million as claims in 2018 as against N861 million paid in 2017.

Gbenga Shobo, chairman of the company who gave the figure at the company’s Annual General Meeting (AGM) held in Lagos recently, disclosed that the company’s cardinal focus among others is to pay claims promptly.

The company’s Gross Premium Written (GPW) for the year rose to N4.63 billion, achieving a year-on-year (YoY) growth of 32 percent from the corresponding performance of N3.51 billion achieved in 2017. He said the company’s Profit Before Tax (PBT) also increased by 91 percent to N615.6 million from N322.8 million posted in the preceding year.

During the period under review, the company grew its total assets by 31 percent from N7.24 billion in 2017 to N9.45 billion in 2018, realising a significant improvement in capital efficiency just as it nurture robust liquidity and solvency margin above the required benchmark.

L-R: Zainab Adeleye, company secretary, FBN General Insurance; Yusufu Modibbo, independent director, FBN General Insurance; Seye Kosoko, company secretary, FBNHoldings; Bode Opadokun, managing dirctor/CEO, FBN General Insurance; Olugbenga Shobo, chairman, FBN General Insurance; Tunde Mimiko, executive director, FBN General Insurance; Hendrik Nel, non-executive director, FBN General Insurance and Val Ojumah, non-executive director, FBN General Insurance at the FBN General Insurance Annual General Meeting held recently in Lagos.

Also speaking at the AGM on the future outlook of the company, Bode Opadokun, managing director/CEO said, “while we anticipate an improved operating economy, one of our strategic initiative for the year 2019 includes the implementation of our value added service, claims alert service designed to provide a responsive service to all our esteemed comprehensive auto insurance policyholders who have been involved in an accident within the Lagos Metropolis where the service is currently active.”

Related News

The areas, according to him include Eti-Osa, Lagos Island, Lagos Mainland, Surulere, Kosofe, Shomolu and Ikeja.

The company was recently certified a Great Place To Work in Africa for 2019 at the Great Place to Work Awards recently held in Lagos.FBN General Insurance was acquired in 2014 by FBNInsurance Limited, an FBNHoldings Company associated with the Sanlam Group (SA) and was incorporated to transact general insurance business in Nigeria and the company is boost of strong workforce and robust brand network.

Modestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.