FBNInsurance declares N3bn profit

FBNInsurance Limited has released its financial report for the year ended 2016 as approved by the industry regulator, National Insurance Commission (NAICOM).

According to figures obtained from the published financial statements, the company’s profit before tax (PBT) increased by 70 percent from N1.8 billion in 2015 to N3.13 billion in 2016 while the gross premium written (GPW) dropped by 4 percent from N10.3 billion in 2015 to N9.9 billion in 2016.

Val Ojumah, managing director/chief executive officer of the company, while commenting on the results, attributed the strong performance to a combination of factors including deployment of innovative products, deeper retail penetration, robust risk management, efficient service delivery and the commitment of its staff. “Our overall performance indicates a strong earning capacity and robust capital base to sustain future growth. For instance, our Return on Equity (RoE) improved from 18 percent in 2015 to 29 percent in 2016 and Return on Assets (RoA)grew from 9 percent in 2015 to 11 percent in 2016. Our underwriting margin also remained positive throughout the year“, he concluded.

FBNInsurance Limited, an FBNHoldings company associated with the Sanlam Group SA, was incorporated in 2010 to transact life insurance business in Nigeria. In 2014, it completed the acquisition of the then Oasis Insurance, now rechristened FBN General Insurance Limited, a wholly owned subsidiary of FBNInsurance Limited.