FBN General Insurance records 615.6 million naira profit before tax in 2018

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FBN General Insurance Limited in its released financial report for the year ended 31 December 2018, recorded a Profit Before Tax (PBT) of 615.6 million naira.

The results, which were approved by industry regulator, National Insurance Commission (NAICOM), shows FBN General Insurance’s Gross Premium Written (GPW) for the year closed at 4.63 billion naira, achieving a year-on-year growth of 32 percent as agaiñst 3.51 billion naira in 2017.

FBN said the Profit Before Tax (PBT) of 615.6 million naira, shows a year on year growth of 91 percent from the 322.8 million naira realised as at the same period in 2017.

Over the same period, it grew its total assets year-on-year by 31 percent from 7.24 billion naira in 2017 to 9.45 billion naira in 2018, realising a significant improvement in capital efficiency, as it nurtured robust liquidity and solvency margin above the required benchmark.

Speaking on the company’s performance, the Chief Executive Officer of FBN General Insurance, Bode Opadokun attributed the performance of the company to its commitment in putting clients first and resilience in achieving remarkable milestones.

Opadokun said “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”.

FBN General Insurance was acquired in 2014 by FBNInsurance Limited, an FBNHoldings Company associated with the Sanlam Group (SA) and was incorporated to transact general insurance business.

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