• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Monday, October 2, 2023
  • Login
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

FBNInsurance GWP Stands At N47.1bn With N14.4bn Claims Paid In 2020

Nwanne Ikemefune by Nwanne Ikemefune
May 30, 2021
in Insurance
0 0
0
Awards: Africa Re Rewards Companies And Top CEO For Exceptional Standards
0
SHARES
53
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

FBNInsurance Limited, closed 2020 performance with positive results, declaring gross written premium of N47.1bn and improvement in net premium income at 8% year-on-year growth from N39.2bn to N42.5bn.

Speaking at the AGM held in Lagos recently, the managing director/chief executive officer, FBNInsurance Limited, Val Ojumah, (pictured) content with the positive results despite the challenging environment, said the company made prompt claims payment to customers to the tune of N14.4bn as against N12.2bn in previous year.

Total assets of the group increased by 47% from ₦116.0 bn to close at ₦170.0 bn as at 31 December 2020. This growth was driven by the company’s investment strategy supported by the increase in premium written particularly from retail life and annuity. Insurance and investment contract liabilities also grew by 58% from ₦88.4 bn to ₦139.3 bn in 2020.

Further analysis show that the company achieved 25% growth in its profit after tax (PAT) in 2020, translating to N9.9 bn as against N7.9 bn recorded in 2019. The net effect in equity was a growth of 22% from ₦19.5 bn to ₦23.8 bn. According to the company, shareholders earned a dividend payment of 70k per share. FBNInsurance Limited has consistently paid a dividend to its shareholders yearly in the last 7 years.

Mr. Ojumah, while reviewing the company’s performance in line with the revised 3-year strategic plan for 2020-2023 strategic cycle, said: “we remain adaptable and responsive to the unfolding trends, modifying our plans and operations in a manner that would ensure that we achieved our strategic objectives. 2020 was a challenging year due to the outbreak of the novel coronavirus, but we witnessed an impressive growth along with key metrics and across major lines during the financial year.”

He said the strategic aspiration during this three-year horizon is to become the leading life insurance company based on gross premium. Picking out corporate strides, he said FBNInsurance fulfilled the aspiration to become the most profitable life insurer in 2019, and “we are convinced that the next critical milestone for us is to become the number one life insurer by market share in Nigeria.”

“In 2020, we paid claims to the tune of N14.4bn as against N12.2bn paid in 2019 which represents a year-on-year growth of 18%. This portrays our unwavering commitment to our esteemed customers. Our strategy, therefore, remains to provide financial security for our clients and as always, we will not rest on our oars to exceed our customers’ and stakeholders’ expectations, because to us, the customer is king,” Ojumah reiterated.

During the year ended 31 December 2020, FBN Holdings Plc divested its 65% equity holding which was acquired by Sanlam Emerging Markets (Pty) Limited on 1st June 2020. By this divestment, Sanlam Emerging Markets (Pty) Limited now has 100% equity in FBN Insurance Limited. This leaves the company with surplus knowledge, experience and technical expertise of its owner, Sanlam Emerging Markets (Pty) Limited is one of the biggest internationally active insurance groups in the world and have been creating value for stakeholders for more than 100 years, with business presence across 33 countries in Africa as well as USA, Malaysia, Australia, the UK and India.

Commenting on the results and outlook of the company, the chairperson of the company, Mrs. Adenrele Kehinde remarked: “We are pleased with our 2020 financial year-end results. We are grateful for the trust that our shareholders have in our ability to continue to grow the business. We will continue to ensure the growth trajectory is sustained in the 2021 financial year. While we anticipate an improved economy, we shall deploy strategies aimed at optimizing the inherent opportunities within the economy. A close review of our 2020 financial performance has once again demonstrated FBNInsurance’s solid footing amid a chaotic and unpredictable economic landscape. We are quite optimistic that the year 2021 will be the best so far for our shareholders and esteemed customers in the history of FBNInsurance Limited”.

Previous Post

COVID Takes $8bn Bite Out Of Global Multiline Insurers

Next Post

Heirs Insurance Companies Endorse New Approach To Nigerians Insurance Needs

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Leadway Assurance Leads With ISO/IEC Re-certification
Insurance

Leadway Assurance Distributes B2B Travel Insurance In Nigeria In Partnership With Tune Protect EMEIA

October 1, 2023
AIICO Knocks Down Insurance Barriers With Its Spiraling Digital Masterpiece
Insurance

AIICO Knocks Down Insurance Barriers With Its Spiraling Digital Masterpiece

October 1, 2023
Dangling Claims Severity And Inflation Pose Global Insurer Cost Challenges- AGCS
Insurance

Regulator Bidding, Insurance Companies USSD Make Motor Claim A Quick Fix

September 26, 2023
Next Post
elumelu

Heirs Insurance Companies Endorse New Approach To Nigerians Insurance Needs

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

September 23, 2023
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

June 7, 2023
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

February 1, 2021
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Seeks NSE’s Nod To Conduct  Rights Issue

AIICO Seeks NSE’s Nod To Conduct Rights Issue

0
WHO Announces Approval Of New Malaria Vaccine

WHO Announces Approval Of New Malaria Vaccine

0
WHO Announces Approval Of New Malaria Vaccine

WHO Announces Approval Of New Malaria Vaccine

October 2, 2023
Leadway Assurance Leads With ISO/IEC Re-certification

Leadway Assurance Distributes B2B Travel Insurance In Nigeria In Partnership With Tune Protect EMEIA

October 1, 2023
AIICO Knocks Down Insurance Barriers With Its Spiraling Digital Masterpiece

AIICO Knocks Down Insurance Barriers With Its Spiraling Digital Masterpiece

October 1, 2023
AIICO Head office

AIICO Holds Three Dimensional Training: Insurtech, IFRS 17 & MI For NAIPE Corps

September 27, 2023
Dangling Claims Severity And Inflation Pose Global Insurer Cost Challenges- AGCS

Regulator Bidding, Insurance Companies USSD Make Motor Claim A Quick Fix

September 26, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

NAICOM Unlocks Insurance Operations With Open Cast Risk Based System

September 26, 2023
Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
Heirs Insurance Group Wins Outstanding Insurance Group of The Year

Heirs Insurance Group Wins Outstanding Insurance Group of The Year

September 19, 2023
Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

September 18, 2023
Image Spin: Insurance, Pension & Stakeholders Bare Minds At NAIPE 8th Confab

Finance Expert Urges Govt To Position Pension & Insurance Sectors For Economic Development With Conducive Policies

September 18, 2023
ADVERTISEMENT

Recent News

WHO Announces Approval Of New Malaria Vaccine

WHO Announces Approval Of New Malaria Vaccine

October 2, 2023
Leadway Assurance Leads With ISO/IEC Re-certification

Leadway Assurance Distributes B2B Travel Insurance In Nigeria In Partnership With Tune Protect EMEIA

October 1, 2023
AIICO Knocks Down Insurance Barriers With Its Spiraling Digital Masterpiece

AIICO Knocks Down Insurance Barriers With Its Spiraling Digital Masterpiece

October 1, 2023
AIICO Head office

AIICO Holds Three Dimensional Training: Insurtech, IFRS 17 & MI For NAIPE Corps

September 27, 2023
Dangling Claims Severity And Inflation Pose Global Insurer Cost Challenges- AGCS

Regulator Bidding, Insurance Companies USSD Make Motor Claim A Quick Fix

September 26, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

NAICOM Unlocks Insurance Operations With Open Cast Risk Based System

September 26, 2023
Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
Heirs Insurance Group Wins Outstanding Insurance Group of The Year

Heirs Insurance Group Wins Outstanding Insurance Group of The Year

September 19, 2023
Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

September 18, 2023
Image Spin: Insurance, Pension & Stakeholders Bare Minds At NAIPE 8th Confab

Finance Expert Urges Govt To Position Pension & Insurance Sectors For Economic Development With Conducive Policies

September 18, 2023
Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

September 18, 2023
First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

September 18, 2023
Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

September 14, 2023
2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

September 14, 2023
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

WHO Announces Approval Of New Malaria Vaccine

WHO Announces Approval Of New Malaria Vaccine

October 2, 2023
Leadway Assurance Leads With ISO/IEC Re-certification

Leadway Assurance Distributes B2B Travel Insurance In Nigeria In Partnership With Tune Protect EMEIA

October 1, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In