Nigerian insurance company, FBNInsurance Limited has projected a 30 percent growth in its business in 2019, in spite of the uncertainty in an election year.
Val Ojumah, managing director/CEO made this known while speaking with journalists in Lagos.
He said the company grew by over 40 percent in 2018 and he is optimistic that this growth trajectory can be sustained this year.
Specifically, he reiterated the company’s commitment to a customer-centric culture which ensures that FBNInsurance partners with its customers, individuals and businesses, in the mitigation of their risk. He also said that the company believes in creating value for its customers by providing excellent customer service.
Read Also: FBNInsurance projects 30% growth in 2019
He added that the company has progressively delivered strong financial performance every year since it commenced operations in 2010.
Ojumah said: “based on unaudited 2018 financial reports, our revenue grew by over 40 percent, relative to audited 2017 reports. This growth rate is well above the industry growth rate – estimated to be approximately 10 percent. As we launch into the 2019 financial year, we are confident that we would maintain this strong growth trajectory given our strategic focus on profitable market segments. Our track record over the years tells a consistent story of continuous business growth and expansion. For instance, our audited 2017 financial statements showed robust growth across various performance metrics such as profit before tax (PBT) which grew by 37 percent from N3.1 billion in 2016 to N4.3 billion in 2017 while gross premium written (GPW) grew from N9.9 billion in 2016 to N19.6 billion in 2017, representing a massive 98 percent growth. Given the market potential of the life insurance industry in Nigeria, we expect an equally productive 2019.”
Many have pondered about the strategy behind the swift rise to prominence of FBNInsurance within a few years. Ojumah believes there is no singular factor responsible for the company’s performance, rather he holds the view that the company’s success has been as a result of multiple factors and initiatives that have been coherently deployed. He said, “Our performance can be attributed to a combination of factors, including our continued penetration of the retail insurance space, the strength of our brand, a deliberate cost optimisation culture, a disciplined risk management philosophy, consistent improvements in service delivery across various customer touchpoints, the use of emerging distribution channels, a commitment to prompt settlement of claims and well-motivated staff.
“ In addition, and probably most importantly, we adopt, a “You First” mindset, as a critical component of our business strategy. This mindset implies that we put our customers first in the process of carrying out our business operations. We understand the importance of being there for customers, especially when they need us most, such as during claims settlement.”
FBNInsurance has been recognised for its outstanding and consistent performance over the years. Some of these recognitions include: Best Insurance Company in Africa by African Re (2018); Best Life Insurer in Nigeria by World Finance (2014, 2016 and 2017), Cup of Nations Award by Sanlam Emerging Markets (2014 and 2016) and A+ rating by Agusto & Co (2106 and 2018). These, among other recognitions, attest to the fact that FBNInsurance has indeed become one of the leading and exemplary insurance companies in Nigeria.
FBNInsurance is an FBNHoldings company in association with the Sanlam Group, South Africa. FBNInsurance was incorporated in 2010 to transact life insurance business in Nigeria and currently operates out of three branches and over 40 sales outlets nationwide.
