Business

FBN General Insurance total assets recorded 17 per cent growth in 2019

FBN General Insurance Limited  has disclosed that its total assets in 2019 recorded 17 per cent growth.

This translates to N11 billion as against N9.4 billion recorded in 2018.

This is according to a statement made available to newsmen in Lagos, on Monday, on the 4th virtual Annual General Meeting (AGM) of the Insurance company.

The company, at the virtual AGM, presented its 2019 audited Annual Report and Financial Statement to its Board of Directors.

Mr Bode Opadokun, Managing Director/Chief Executive Officer of the firm, said at the event that the company witnessed an impressive growth along key metrics and across major lines during the financial year under review.

“We grew our Gross Premium Written (GPW) by 58 per cent from N4.63 billion in 2018 to N7.31 billion in 2019.

“We also recorded a 19 per cent increase in Profit Before Tax (PBT) of N733 million compared to N615 billion recorded in 2018,” he also said.

The Managing Director said that the company ensured prompt claims payment to its customers during the year to the tune of N2.3 billion.

Commenting, Mr Gbenga Shobo, Chairman of the Insurance firm, expressed satisfaction with the 2019 end of financial year result.

Shobo said that FBN General Insurance will continue to ensure the growth trajectory is sustained in 2020 financial year, while it anticipates some improvements along key macroeconomic fundamentals.

“We shall deploy strategies aimed at optimizing the inherent opportunities within the economy.

“We are quite optimistic that year 2020 will be the best so far for our shareholders and esteemed customers in the history of FBN General Insurance Ltd,”he said.

According to him, with the advent of the dreaded pandemic ravaging the globe, the company will continue to break new grounds, adapt to changes and relentlessly remain innovative in delivering value to its shareholders and customers.

FBN General Insurance Limited, a subsidiary of FBNInsurance Limited, wholly owned by the Sanlam Group, South Africa, was incorporated in 2014 to transact general insurance business in Nigeria with branches across the country

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