FIN Insurance’s profit rises to N7bn in 2023

FIN Insurance Company Limited has grown its profit before tax (PBT) to N7.0 billion at the end of the 2023 financial year from N649.6 million in 2022.

The underwriting firm during the period generated a gross premium income of N5.82 billion, from N3.44 billion in 2022, even as its total assets rose to N21.2 billion in 2023, from N12.77 billion the previous year.

At the first Bi-Monthly Members Evening of the Nigerian Council of Registered Insurance Brokers (NCRIB) for 2024 sponsored by FIN Insurance, Bashir Binji, managing director/ CEO of Fin Assurance Plc, spoke on the role the company is positioned to deliver value to its stakeholders.

He announced that the company paid out N1.2 billion in claims in the 2023 financial year.

Appreciating the support of the brokers in growing the market and supporting business growth he said, “As the MD/CEO of FIN Insurance Company Limited, I have the privilege of witnessing first-hand the dedication and expertise that characterizes the work of insurance brokers. In an era of unprecedented change, your ability to navigate complexity, mitigate risk, and provide tailored solutions is more valuable than ever.”

Binji said the insurance landscape is continually evolving, influenced by technological advancements, regulatory changes, and shifts in consumer expectations. It is a testament to your resilience and adaptability that the brokerage community continues to thrive in this ever-changing environment.

“At FIN Insurance, we recognize the integral role you play in bridging the gap between insurers and clients. Your insights, relationships, and commitment to understanding the unique needs of your clients contribute significantly to the success of our industry.”

“As we navigate this complex landscape, collaboration becomes paramount. Our success as an industry is interwoven with the success of each individual broker. It’s about working together to innovate, to respond to emerging risks, and to embrace new opportunities.”

According to him, the trust that clients place in insurance brokers is sacred. It is built on your expertise, your commitment to integrity, and your unwavering dedication to putting your client’s interests first. This trust is the bedrock of our industry, and we must all strive to maintain and strengthen it, Binji noted.