FBN Insurance Limited has posted N47.1billion as gross premium written (GPW) in its 2020 financial year.
Speaking at its recent annual general meeting (AGM), the managing director/chief executive officer, FBNInsurance Limited, Val Ojumah, disclosed that despite the challenging operating environment in the country, the company closed the year with positive results and made prompt claims payment to customers.
An analysis of the company’s report showed that the group recorded an improvement in net premium income at 8 per cent year-on-year growth from N39.2 billion to N42.5 billion in 2020.
Total assets of the group increased by 47 per cent from N116 billion to close at N170 billion as at 31 December 2020.
This growth, he said, 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 grew by 58 per cent from N88.4 billion to N139.3 billion in 2020. Further analysis showed that the company achieved 25 per cent growth in its Profit After Tax (PAT) in 2020, translating to N9.9 billion as against N7.9 billion recorded in 2019.
The company also declared and approved dividend payment of 70k per share for the year ended 31 December 2020.
Ojumah, while reviewing the company’s performance for the year, 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 key metrics and across major lines during the financial year.”
Commenting on the results and outlook of the company, the chairperson of the company, Mrs. Adenrele Kehinde, applauded the trust shareholders have in the company, promising to ensure the growth trajectory is sustained in 2021 financial year.
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