As a demonstration of how its annual premium income can become a significant earner of higher profit than gross premium income after meeting claims responsibility Fin Insurance Company Limited, says its a mix of how it responds to emerging risks, and embrace new opportunities and, is therefore, placing a demand for collaboration on insurance brokers at the Members Evening it hosted yesterday at the Brokers House.
Bashir Binji Fin Insurance MD/CEO in his elaborate spread for attendees at the evening event let all know what spins insurance market for all. He said, “As we navigate this complex landscape collaboration becomes paramount. Our success as an industry is interwoven with the success of each broker. Its about working together to innovate, to respond to emerging risks, and embrace new opportunities.”
Presenting the unaudited results for 2023 at the event, Binji said the company earned N7bn as profit while the underwriting profit stood at N200million. on claims stats Fin Insurance cleared a claims obligation of N1.2bn under the tag of ‘combined claims paid and admitted.’
Its gross premium was N5.82bn a leaped from Y 23 mark of N3.4bn with a total assets of N21.2bn. Binji pinned the performance to clearcut sign posts, “Our growth trajectory confirms the effectiveness of our strategy and potential in the local markets.”
The unaudited result also included the shareholders fund that has moved up from N9.8bn in 2022 to N15.3bn in the year under review.
