FBN General Insurance Makes N861 Million Prompt Gross Claims Payment In 2017

By LOVETH AZODO, Lagos

The FBN General Insurance financial records for the year, 2017 showed gross claims payment amounting to N861 million, an increase of 27 percent when compared to the previous year figures.

The Managing Director/Chief Executive Officer, Bode Opadokun, explained that prompt payment of claims constitute one of the company’s corporate strategies to building trust, improving stakeholder engagement and growing customer base.

He attributed the increased claims expenses to the high loss trends the market witnessed during the year under review.

The company, however, made significant reinsurance recoveries on all the claims incurred from each class of business.

Going forward, Opadokun said: “Our strategy over the next three-year planning horizon is aimed at delivering exceptional value to our customer by utilizing technology as a critical business enabler across key functions including product distribution, customer engagement and other operational processes.”

In its recently published FBN General Insurance financial statements for the year under review, it has increased customer acceptance with a Gross Written Premium of N3.52 billion (up from N2.19 billion in 2016) and an impressive Profit Before Tax (PBT) of N323 million representing a 66 percent year-on-year growth on the 2016 PBT of N195 million.

The Company closed the year with a robust liquidity position and solvency margin above the required benchmark while total assets recorded an appreciable growth of 27 percent at year-end from N6.06 billion achieved in 2016 to N7.24 billion in 2017.

Shareholders’ funds also grew from N4.1billion to N4.45 billion, a confirmation of shareholders’ unwavering support and trust in the general insurer’s business potentials.

The Managing Director was applauded by industry watchers for his glowing achievements since he took over the reins of the company.

If various indicators are anything to go by, the firm is expected to continue on her upward trajectory.