FBN General Insurance records N615.6m profit

FBN General Insurance Limited says its gross premium written rose by 32 per cent to N4.63bn in 2018 financial period, from N3.51bn in the corresponding period of 2017.

A statement from the underwriting firm said that its 2018 account was approved by the industry regulator, National Insurance Commission.

It added that its Profit Before Tax rose to N615.6m, with a marked YoY growth of 91 per cent from the N322.8m in 2017.

Over the same period, the company grew its total assets YoY by 31 per cent from N7.24 bn in 2017 to N9.45 bn in 2018, realising a significant improvement in capital efficiency from robust liquidity and solvency margin above the required benchmark.

Commenting on the company’s performance, the Managing Director/Chief Executive Officer, FBN General Insurance, Bode Opadokun, attributed the performance to the underwriting firm’s commitment in putting its clients first and resilience in achieving remarkable milestones.

 “The business gained momentum in 2018 as results across key performance metrics clearly validate FBN General Insurance commitment to the delivery of profitable growth and unwavering dedication to our clients, communities and stakeholders,” he said.