FBN General moves on growth trajectory

FBN General Insurance, has continued on an upward trajectory in the Nigerian insurance industry, recording growth in the past financial year

The company recorded a gross premium of N2.2bn up by 17.4 percent from N1.8bn in 2015 while its claims expenses also rose by 24 percent from N205m to N270m in the in 2016 financial year. This, the company said, is a direct reflection of shrewd management efforts at expanding her client base, excellent underwriting capabilities as well as increased customer acceptance of the brand.

“Insurance thrives on trust. You will agree with me that payment of claims is perhaps the best way for an insurance company to demonstrate it is worthy of the customer’s trust. That we paid more claims this year than the last shows our customers trust us more and are willing to allow us bear more of the risks they would normally bear themselves. This lends credence to the widely known fact that we are not just a responsible insurer, we are responsive and committed to our policyholders’ wellbeing at all times,” Bode Opadokun, Managing Director/Chief Executive Officer of FBN General Insurance said in a statement recently.

According to details of the audited accounts, the company’s total assets stood at N6.1b, an impressive 11.9 percent increase from the N5.3b it had last year. “In a year where economic uncertainties badly affected many company’s asset base, we were able to increase ours by almost a billion naira. This is an indication of our strength in depth arising from a solid heritage and consistent investment in quality staff,” Opadokun reiterated.

Industry watchers have praised the new leadership of FBN General Insurance for such a commendable year end result. It will be recalled that Bode Opadokun was appointed MD/CEO of the company mid last year in a move many saw as a strategic step towards driving the erstwhile Oasis Insurance to better profitability.

Acquired in 2014, FBN General Insurance is a wholly owned subsidiary of FBNInsurance Limited, an FBNHoldings company associated with the Sanlam Group SA.