FBNInsurance Limited has grown its Profit Before Tax (PBT) by 44 per cent from N4.26 billion in 2017 to N6.13 billion by December 31, 2018.
The underwriting firm also recorded a 33 per cent growth in its Gross Premium Written (GPW) from N19.6 billion in 2017 to N26 billion in 2018.
In a statement,FBNInsurance Managing Director/Chief Executive Officer, Val Ojumah said the firm released the financial report, after it was approved by the regulator, National Insurance Commission (NAICOM).
Ojumah, who said the firm witnessed growth across various measurement indices, attributed the performance of the company to their resilience in achieving the strategic aspiration of becoming the most profitable life insurance company in Nigeria.
He said: “The 2018 result has not only moved us several steps towards this goal, it has also raised the bar for our performance in 2019. Given our track record of strong and sustainable growth, we are confident that FBNInsurance will wax stronger in 2019 despite the anticipated lull in economic activities due to political and electioneering activities.
“The company’s Return on Equity (RoE) rose to 45 per cent up from 34 per cent in 2017 and achieved a post-tax Return on Assets (RoA) of 8 per cent. The firm has been growing very fast. Last year, we won the 2018 Africa Re/AIO Insurance Company of the Year and was also assigned an “A+” rating by Agusto & Co”, he added.
FBNInsurance is a member of the FBNHoldings of the Sanlam Group SA. It was incorporated in 2010 and has over 40 sales outlets and three branches nationwide.
