FIN Insurance pays out N900m in claims

General business underwriter, FIN Insurance Company Limited has paid out N900 million on claims as of the end of September 2023.

Bashir Binji, managing director, FIN Insurance disclosed while addressing the members of the NCRIB Lagos Area Committee in a Corporate Social Responsibility event sponsored by the underwriter in Lagos.

Binji said the company has sustained growth in all measurement indices over the years, with total assets standing at N19 billion at the end of September 2023, while shareholders fund was N14.9 billion same period.

“Our growth trajectory confirms the effectiveness of our strategy and potential in the local markets”.

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He said the gross premium written was N4.64 billion in September 2023, as against N3.44 billion full-year performance in 2022.

The company, which is a subsidiary of Cornerstone Insurance Plc also grew its profit before tax to N5 billion at the end of September, moving from N649.6 million in the full year 2022.

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Binji said pursuing the vision to be the leading insurance-based financial service company that transforms the industry, its strategic priorities include maximizing brand equity, achieving professional excellence, expanding retail business, growing profitability, and strengthening governance and stakeholder relationships.

In the area of partnership, he said the focus will be participation in insurance placements, increased proportion of existing transactions, information sharing, joint marketing in areas of interest, as well as social engagements.