FBN General Insurance records impressive business performance in 2017 – MD

Mr Bode Opadokun, Managing Director, FBN General Insurance, on Thursday said its shareholders’ fund grew to N4.45 billion following the company’s impressive business performance in 2017.

Opadokun told our correspondent in Lagos that the fund grew to N4.45 billion from N4.1 billion in 2016.

He noted that the growth validated the shareholders’ confidence in company’s deliverables.

“The increment to N4.45 billion in 2017 from N4.1 billion in 2016 is a confirmation of shareholders’ unwavering support and trust in the general insurer’s business potential of the company,’’ he said.

Opadokun said gross claims of N861 million was paid in the financial year compared to N627 million paid in 2016, representing a 27 per cent increase over 2016 figures.

He said that its underwriter will continue to prioritise claims payments and shareholders’ welfare to sustain its integrity.

The managing director explained that the increase in claims expenses was due to the high loss trends the market witnessed during the year under review.

He, however, said that the company made a significant reinsurance recoveries on all the claims incurred from each class of business,’’ he said.

Opadokun said the company’s Gross Written Premium (GWP) increased to N3.52 billion in 2017 from N2.19 billion in 2016.

He added that the preferential treatment given by Nigerians was also revealed in an impressive Profit Before Tax (PBT) as it grew to N323 million in 2017 from N195 million in 2016, a 66 per cent growth.

He said that total assets recorded an appreciable growth of 27 per cent in the financial year to N7.24 billion from N6.06 billion in 2016.

He said, “A financial analysis of the results shows that the company closed the 2017 financial year with a robust liquidity position and solvency margin above the required benchmark.’’

On the underwriter’s strategies, the company in the next three years aims at delivering exceptional value to customers by utilising technology as a critical business enabler across its key functions, Opadokun said.