Chiamaka Ajeamo
First Bank of Nigeria (FBN) Insurance Limited, has announced a 66 per cent increase in the payment of claims in 2018 to N4.8 billion from N2.9 billion in 2017.
Presenting its 2018 financial annual report to shareholders at its Annual General Meeting (AGM), recently held in Lagos, the group also declared its Gross Premium Written (GPW) grew by 33 per cent to N26.0 billion in 2018 from N19.6 billion in 2017; while Profit Before Tax (PBT) appreciated by 44 per cent from N4.2 billion in 2017 to N6.13 billion in 2018.
The underwriting firm also stated a dividend of 65k per share, representing 81 per cent increase from 36k that was declared for 2017.
Speaking at the event, the Managing Director/Chief Executive Officer, FBN Insurance Limited, Val Ojumah, stated that despite the unpredictable economic situation in the country occasioned by preparation for the just concluded general election, the company made prompt claims payments to customers and ended the year with a positive performance.
Reviewing the year, Ojumah said, “we grew Gross Premium Written (GPW) by 33 per cent to N26.0billion in 2018 from N19.6billion in 2017; while Profit Before Tax (PBT) appreciated by 44 per cent from N4.2billion in 2017 to N6.13billion in 2018. The performance was driven by the company’s sustained growth and penetration into the retail segment of the industry. Over the same period, as a responsive and responsible organisation, we promptly paid claims to our clients to the tune of N4.8billion which is a 66 per cent increase from N2.9billion in 2017.
Our strategy remains to provide financial security to our customers. We are keen to attain uncontested leadership status in the life insurance sub-sector as well as aggressively exceed our customers and shareholders’ expectations,” he said.