iOne of the major insurance firms in the country, FBN Insurance posted an improvement its profit before tax by 37 percent to N4.26 billion from N3.11 billion achieved in 2016.
The insurer’s gross premium grew by 98 percent to N19.6 billion last year from N9.9 billion two years ago.i Also, the insurance company achieved a 34 percent growth in its Return on Equity (RoE), while its post-tax Return on Assets (RoA) increased by 6 percent.
Chief executive of FBN Insurance, Mr Val Ojumah, posited that the strong performance was driven by continued penetration of the retail insurance space.
He added that the insurer achieved this huge success last year as a result of strong cost optimisation culture, consistent and efficient service delivery across available touch point, exploitation of new service channels, disciplined risk management, and a well-motivated staff.
