FBN General Insurance makes N2.17b profit

FBN General Insurance Limited has recorded a Profit Before Tax (PBT) of N2.17 billion in its 2020 financial year, representing a  growth of 196 percent compared to the N733.2 million it made during the same period the previous year.

Analysis of the company’s report showed that the company also closed the year with a Gross Premium Written (GPW) of N8 billion. This was a year-on-year growth rate of nine percent relative to the N7.32 billion realized during the corresponding period of 2019.

Also, the company’s capital position improved significantly as the total equity grew by 51 percent year-on-year to N8.80 billion from N5.82 billion reported in the 2019 financial year.

The company attributed the growth to excellent business performance in the year 2020 and the injection of additional capital of N1.048 billion which invariably brings its paid-up capital to N5 billion

Presenting the 2020 Annual Report to shareholders at its Annual General Meeting (AGM) in Lagos, the Managing Director/Chief Executive Officer, FBN General Insurance Limited, Bode Opadokun, said the growth inequity is a reflection of the steps the company is taking to meet the National Insurance Commission’s (NAICOM’s) minimum capital requirements.

On the outlook of the company, Opadokun said FBN General Insurance would sustain the deepening of its digital capabilities and utilise technology as a business enabler to ensure that the company’s service delivery continues to meet and exceed customer expectations.