FBN General Insurance posts N2.17bn profit after tax

FBN General Insurance posts N2.17bn profit after tax


 

 

FBN General Insurance Limited has said its profit before tax rose by 196 per cent to N2.17 billion in the financial year 2020 from N733.2m reported in 2019.

According to statement on Monday, the Managing Director/Chief Executive Officer, FBN General Insurance Limited, Bode Opadokun, disclosed this while presenting its 2020 annual report to shareholders at the company’s annual general meeting in Lagos.

An analysis of the company’s report showed that it closed the year with a gross premium written of N8 billion, representing a year-on-year growth rate of nine per cent from N7.32 billion in 2019.

The company said its capital position improved as the total equity grew by 51 per cent year-on-year to N8.8 billion from N5.82 billion in the 2019 financial year.

It said this could be attributed to excellent business performance in 2020 and the injection of additional capital of N1.048 billion which brought the paid-up capital of the company to N5 billion.

The insurer said the rapid growth in total equity was a reflection of the deliberate steps it was taking in readiness to meet minimum capital requirements of the National Insurance Commission.

Opadokun said against the backdrop of challenges that characterised the year, the company delivered an outstanding performance across key metrics.

He said, “Indeed, 2020 was a year that will be remembered for its unprecedented disruptions, which were primarily attributed to the COVID-19 pandemic and its multidimensional impacts on global economies.

“Yet, in the face of prevailing circumstances, the company delivered impressive results during the year. We have by this result therefore demonstrated our robust capacity and sustainable execution of our strategic growth plans. It is for this reason that we look to the future with confidence.”

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

FBN General Insurance, a subsidiary of FBNInsurance Limited, is a member of the Sanlam Group (SA).