FBNInsurance Limited, one of the life insurance companies in Nigeria, said it paid N4.8bn claims to its policyholders in the 2018 financial period.
A statement quoted the company as saying this during its annual general meeting in Lagos.
The Managing Director/Chief Executive Officer, FBNInsurance Limited, Val Ojumah, stated that the company closed the year with positive results and also made prompt claims payments to customers, despite the unpredictable economic situation in the country occasioned by the preparation for the 2019 general elections.
Ojumah stated, “We grew gross premium written by 33 per cent to N26.0bn in 2018 from N19.6bn in 2017; while profit before tax appreciated by 44 per cent from N4.2bn in 2017 to N6.13bn in 2018.”
He said the performance was driven by the company’s sustained growth and penetration into the retail segment of the industry.
“Over the same period, as a responsive and responsible organisation, we promptly paid claims to our clients to the tune of N4.8bn which is a 66 per cent increase from N2.9bn in 2017. Our strategy remains to provide financial security to our customers.
“We are keen to attain uncontested leadership status in the life insurance sub-sector as well as aggressively exceed our customers and shareholders’ expectations.”
The managing director said the company also announced a dividend of 65k per share, representing 81 per cent increase from 36k that was declared for 2017.
Commenting on the company’s financial returns, Chairperson of the Board of Directors, Mrs Adenrele Kehinde, attributed the growth and performance of the company in 2018 to its commitment in putting its clients first and resilience in achieving remarkable milestones.
“Ours is a business of trust and as part of our efforts geared towards maintaining indisputable leadership in the life insurance sub-sector, we have built a solid foundation where our clients can insure their trust because of our reputation over the years of paying claims promptly,” she said.
FBNInsurance is an FBNHoldings company associated with the Sanlam Group of South Africa.
