FBNInsurance GPW Gained  98% increase in 2017

By LOVETH AZODO, Lagos

The FBNInsurance has recorded 98 percent increase in her Gross Premium Wriitten (GPW), as the company’s GPW grew from N9.9 billion in 2016 to N19.6 billion in 2017.

Accompanying the increase in the company’s GPW, the company also recorded 37% increase in profit before tax (PBT) from N3.11 billion in 2016 to N4.26 billion in 2017

These figures were made known to the public through its financial report for the year ended 2017 as approved by the industry regulator, National Insurance Commission (NAICOM).

Speaking on the massive increase, the Managing Director/Chief Executive Officer FBNInsurance, Val Ojumah credited the strong performance to a combination of factors including continued penetration of the retail insurance space, strong cost optimisation culture, consistent and efficient service delivery across available touchpoint, exploitation of new service channels, disciplined risk management, and a well-motivated staff. “Our overall performance once again reinforces our strong earning capacity and robust capital base which have put us in better stead to accommodate and sustain future growth. Our Return on Equity (RoE) rose to 34% (up from 29%, 2016) and achieved a post-tax Return on Assets (RoA) of 6%,” he said.

Recalling the company’s past performance, FBNInsurance was last year recognised –for the third time in four years- as the Best Life Insurer in Nigeria by World Finance, while Sanlam Emerging Markets (SEM) awarded her the prestigious Nations Cup for a glowing performance all round amongst SEM companies. The company was also awarded the fastest growing insurance company in Nigeria by the National Association of Insurance and Pension Correspondents (NAIPCO) .

An FBNHoldings company associated with the Sanlam Group SA, FBNInsurance was incorporated in 2010 to transact life insurance business in Nigeria and currently operates out of 42 sales outlets and three branches nationwide.