FBNInsurance Limited recently rolled out drums to celebrate five years of successful operations in Nigeria, with clear indications that the underwriting firm has achieved milestones in its few years of existence.
The company currently ranks 5th in the Life Insurance business with premium income of N7.1 billion, and an operating profit of well over a billion naira while her return on equity was 22 percent in 2014, the Company said. The milestones include the successful acquisition of Oasis Insurance, which has since been re-christened FBNGeneral Insurance, all within her first five years in business.
Speaking at the stakeholder dinner to mark its 5th anniversary, Val Ojumah, managing director/CEO of the Company linked it’s the success to its heritage and ownership with FBNHoldings (65 percent) and Sanlam Group SA (35 percent)), as well as a devoted clientele#
He however acknowledged the fact that the company was ‘work-in-progress’. “We are not there yet; but soon, with your continued patronage and support, we will get there,” he said. The event was attended by captains of industry, financial services gurus and FBNInsurance policy holders
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