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FBN Insurance Grows 2017 Profit by 37% to N4.3b

By Dipo Olowookere

The 2017 business year was very positive for FBN Insurance, going by details contained in its financial statements released last week.

In the period under review, the fast growing life insurer improved its profit before tax by 37 percent to N4.26 billion from N3.11 billion achieved in 2016.

The financial results, approved by the industry regulator, National Insurance Commission (NAICOM), also showed that insurer’s gross premium written (GPW) appreciated by 98 percent to N19.6 billion last year from N9.9 billion two years ago.

Furthermore, the insurance company achieved a 34 percent growth in its Return on Equity (RoE), while its post-tax Return on Assets (RoA) increased by 6 percent.

According to the chief executive of FBN Insurance, Mr Val Ojumah, the strong performance was influenced by continued penetration of the retail insurance space.

He added that the insurer achieved this huge success last year as a result of strong cost optimisation culture, consistent and efficient service delivery across available touch point, exploitation of new service channels, disciplined risk management, and a well-motivated staff.

“Our overall performance once again reinforces our strong earning capacity and robust capital base, which have put us in better stead to accommodate and sustain future growth,” he said.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.