FBN General Insurance Ltd has held its 4th Annual General Meeting, recording a Gross Premium Written (GPW) growth of 58 percent from N4.63 billion in 2018 to N7.31 billion in 2019.
This is as Profit Before Tax (PBT) rose by 19 percent in 2019 to N733 million compared to N615 billion recorded in 2018.
The AGM which was virtual saw the Company present its 2019 audited Annual Report and Financial Statement to the Board of Directors.
Bode Opadokun, managing director/CEO of the Company disclosed at meeting that the company witnessed an impressive growth along key metrics and across major lines during the financial year.
According to him, “We grew our Gross Premium Written (GPW) by 58 percent from N4.63 billion in 2018 to N7.31 billion in 2019. We also recorded a 19 percent increase in Profit Before Tax (PBT) of N733 million compared to N615 billion recorded in 2018.’’
Further analysis showed that the company achieved 17 percent growth in its total assets in 2019, translating to N11 billion as against N9.4 billion recorded in 2018. The company also ensured prompt claims payment to its customers during the year to the tune of N2.3 billion.
Commenting on the results and future outlook of the company, Gbenga Shobo, the chairman remarked, “We are pleased with our 2019 financial year end results. We will continue to ensure the growth trajectory is sustained in 2020 financial year. While we anticipate 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”.
Speaking further, Shobo stated that 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.