By Ngozi Onyeakusi—FBNInsurance Limited says its profit before tax rose by 44 per cent from N4.26bn in 2017 to N6.13bn in 2018.
According to the underwriting firm, it had got the industry regulator, National Insurance Commission’s, approval for its financial report for the year ended December 31, 2018.
It stated, “Figures obtained from the published financial statements showed a general growth across various measurement indices. The company’s profit before tax grew by 44 per cent from N4.26bn in 2017 to N6.13bn in 2018; while the gross premium written grew from N19.6bn in 2017 to N26bn in 2018, accounting for a 33 per cent increase.”
While commenting on the financial statement, the Managing Director/Chief Executive Officer, FBNInsurance, Val Ojumah, attributed the performance of the company to its resilience in achieving the strategic aspiration of becoming the most profitable life insurance company in Nigeria.
He stated, “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.”
According to the statement, “The company’s Return on Equity rose to 45 per cent (up from 34 per cent in 2017) and achieved a post-tax Return on Assets of eight per cent.”
Recall that FBNInsurance, last year, won the 2018 Africa Re/AIO Insurance Company of the Year and was also assigned an “A+” rating by Agusto & Co.
“FBNInsurance is an FBNHoldings company associated with the Sanlam Group SA and was incorporated in 2010 to transact life insurance business in Nigeria and currently operates out of over 40 sales outlets and three branches nationwide,” the statement added.